Bitcoin Its price has experienced significant movements recently, triggering volatility in the market and falling from $ 70,083 to $ 61,730, recording a decrease of approximately 12% in just one week.
Commenting on this volatility, Ali Martinez stated that if BTC fails to successfully surpass the $62,000 level, it could decline towards the next important resistance area around $51,500.
Martinez’s analysis is based on Unspent Transaction Output Realized Price Distribution (URPD), a metric used to measure Bitcoin dispersion based on the price at which cryptocurrencies were last traded.
According to the URPD, $62,000 is a crucial support zone for #Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500.
NEWS CONTINUES BELOWConversely, if $BTC climbs back above $66,250, it could significantly boost the chances of reigniting the bull run! pic.twitter.com/20zwfktZkx
— Ali (@ali_charts) April 16, 2024
NEWS CONTINUES BELOW
According to Martinez, URPD shows that $62,000 is a very important support level for Bitcoin. If BTC fails to hold above this level, Martinez suggests that the next significant area of demand could be around $51,500.
This indicates that $62,000 is a critical level to watch for traders and investors as a breach could potentially lead to further downside movement. On the other hand, Martinez points to a bullish scenario for BTC. cryptocurrency If the unit manages to climb above $66,250, a successful break above it could signal a reversal of the bullish trend.
Bitcoin Targets $80000
Consistent with Martinez’s analysis, crypto analyst Chimp of the North predicts a period of consolidation for BTC predicts. At this stage, Bitcoin price It may trend below a certain low range, fueling bearish sentiment among traders. Meanwhile, he predicts another decline to around $52,000.
I wouldn’t be very surprised to see something like this over the next few weeks.
Consolidation below the range low to get people bearish and call for ‘the next stop at 52k’.
Then pump above said range low without giving a retest that people want.
Target: $80k.#Bitcoin pic.twitter.com/eud7qAN2DY
— Chimp of the North (@cryptochimpanz) April 16, 2024
The analyst suggests that instead of making the expected retest of the lower range, Bitcoin may experience a sudden rise, potentially pushing its price to $80,000.
This ambitious forecast reflects the analyst’s bullish view of Bitcoin’s long-term trajectory despite short-term fluctuations and periods of consolidation.