Bitcoin Its price rose to around $52,000 last week and started to prepare for its next move. Many investors and analysts also remain uncertain about what the next move will be. Although some state that the movement towards the new peak will continue, some say that there will be a correction towards $ 48,000.
Ali Martinez also examined the current situation of Bitcoin in the short term and analyzed the main support and resistance levels on the 10-minute chart. With the TD Sequential indicator showing critical levels, Martinez suggests that BTC’s next move depends on its ability to sustainably surpass these limits.
Martinez identified key levels for Bitcoin’s immediate price action, noting the support trend line near $51,700 and the resistance trend line near $52,515 on the 10-minute chart. The TD Sequential indicator highlights the importance of these levels, highlighting that a sustained close outside this zone will determine the direction of Bitcoin’s next move.
Ali Martinez also pointed out the importance of distinguishing between short-term trading in futures accounts and long-term holdings in personal wallets. While some investors are waiting for a correction before or after the halving to buy Bitcoin, focusing on the big picture can help reduce stress caused by market fluctuations.
More simply, acquiring BTC, storing it safely in your wallet, and aiming to sell near the top within a 6 to 18 month time frame can serve as a simple strategy for those with a broader perspective, the analyst noted.
What Does Bitcoin Options Data Offer?
As we reported as Koinfinans.com, BTC exceeded $10 billion in the options market for the first time since July 2022. This shows that community enthusiasm is improving. However, rapid increases in value can sometimes lead to cautious concerns.
Deribit reveals that BTC call spreads are among the most preferred strategies right now. This shows that investors expect further gains, although not significant increases in the price of Bitcoin.
Speaking to Bloomberg, Caroline Mauron, co-founder of digital asset derivatives liquidity provider Orbit Markets, said the following on the subject:
“The options market as a whole “is currently pricing in a roughly 20% to 25% chance of hitting a new all-time high before halving, which seems about a fair estimate to us.”
According to Elliott Wave analysis, markets tend to exhibit recurring wave patterns. Using this method for Bitcoin price suggests a potential pullback to around $40,000 followed by an advance towards around $70,000. This contrasts with Bitcoin’s previous peak of $68,992 in November 2021, which was characterized by widespread stimulus measures.
