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In an optimistic chronicle witnessed within the cryptocurrency realm, a leading crypto market analyst, Ali Martinez, recently anticipated BTC’s price to scale $74.5K ahead, piquing substantial investor attention globally. Following a prominent uptrend witnessed by BTC over the past few days, as its price topped $70K, this statement by the analyst promptly gained significant traction across the broader crypto market, sparking optimism among crypto traders and investors.
However, BTC recorded a marginal dip as of press time, aligning with a vital condition the analyst spotlighted that BTC needs to complete in order to surge above $74.5K. Here’s a deeper dive into the analysis.
Ali Martinez’s Prediction: A Closer Look
According to a post shared by the analyst on X, Bitcoin showcased a head-and-shoulders pattern, a bearish reversal pattern, on the 30-minute chart. This aligned with BTC’s dip noted as of press time, illustrating a movement from a bullish to a bearish trend.
Concerning this, the analyst anticipates that if BTC manages to hold its position above the 200-EMA and surpasses the neckline resistance level at $71,580, Bitcoin could signal a bullish reversal instead. This chronicle could potentially pave the path for a 4.44% increase in value, pushing BTC to $74,760.
#Bitcoin shows a head-and-shoulders formation on the 30-minute chart. Should $BTC maintain its position above the 200EMA and surpass the neckline resistance at $71,580, we could anticipate a potential increase of 4.44%, targeting a price of $74,760. pic.twitter.com/6oTGhyDSzn
— Ali (@ali_charts) March 29, 2024
Whereas another leading market analyst, Michael van de Poppe, shared his anticipation of BTC’s movements, curating a torrent of speculative buzz. According to Michael’s expectations, the BTC price movement is currently relatively stable and well-defined.
Although even Michael conveyed skepticism surrounding phenomenal surges in BTC, particularly the price hitting $100K, the analyst claimed that Bitcoin’s price movement is still following the typical pattern of the 4-year cycle.
The range is relatively defined on #Bitcoin.
I don’t believe we’ll blast to $100K all of a sudden and are still following the path of the 4-year cycle, for now.
Consolidating areas at $60K support ranges, areas around ATH to be resistance.
In between chop. pic.twitter.com/bUfWn7bSro
— Michaël van de Poppe (@CryptoMichNL) March 29, 2024
He further sees BTC witnessing a consolidation at around the $60K support level, with previous all-time high (ATH) levels acting as resistance, expecting the price to fluctuate between this range, followed by choppy or volatile movements. This further added to the speculative buzz on Bitcoin, questioning the token’s price action ahead as BTC halving nears.
Additionally, Adam Black, the CEO of Blockstream and creator of Hashcash, suggested that BTC could scale a new ATH this long weekend. He primarily attributed this to a plethora of reasons, including Tradfi being offline, in turn resulting in no GBTC dumps from bankruptcies, and Coinbase’s ‘circuit-breaker’ that won’t hinder Bitcoin’s price due to lower trading volume.
maybe #bitcoin can make a new ATH this long-weekend: tradfi is offline so $GBTC can’t be dumped by bankruptcies, @coinbase “circuit-breaker” won’t crash as base volume is lower. just three $1k+ daily candles would do it. “the slow blade penetrates the shield” -Gurney Halleck,… pic.twitter.com/6xh2QArA1s
— Adam Back (@adam3us) March 29, 2024
This collectively painted an enigmatic scenario for Bitcoin within the market.
Also Read: PCE Inflation Comes In Hot At 2.5%, Bitcoin Price to Drop?
Bitcoin Price Slips
As of writing, the Bitcoin token’s price has dropped 0.85% over the past 24 hours and is currently trading at $70,092. With a 0.88% drop in its market cap, accompanied by a plunge of 31.71% in 24-hour trading volume, BTC took a bearish position today.
Meanwhile, with an open interest dip of 2.16%, followed by a derivative volume plunge of 41.62%, BTC showcased a downtrend market sentiment, per Coinglass‘ data. This collectively births speculations over BTC’s potential rising price action ahead.
Also Read: KCS Plunged 18% This Week Amid Kucoin’s Regulatory Woes
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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