Having seen a nice rise in the past weeks BitcoinWhile investors are waiting for the rise to continue, BTC It went through one correction after another.
While it remains a matter of curiosity how long these corrections will continue, popular analyst Ali MartinezA new post came from .
Stating that at this point, the network growth in Bitcoin has dropped visibly, the analyst said that this situation raises concerns about the sustainability of the upward momentum.
Stating that it is very important to see an increase in the number of BTC addresses in order to continue the rise against this decline, the analyst said:
“There has been a noticeable decline in Bitcoin network growth, halting BTC’s recent move to $44,000 and casting doubt on its sustainability.
For the bull rally to continue strongly, it is very important to see an increase in the number of new BTC addresses. “This increase will provide the necessary support for sustainable upward momentum.”
There’s been a noticeable dip in #Bitcoin network growth over the past month, casting doubt on the sustainability of $BTC‘s recent move to $44,000.
For a robust continuation of the bull rally, it’s crucial to see an uptick in the number of new $BTC addresses. This would provide… pic.twitter.com/WkrjxLkZMI
— Ali (@ali_charts) December 18, 2023
“The Fall in Bitcoin May Continue!”
In addition, the analyst warns against the risk of decline in BTC in his next post, in case the selling pressure increases. He said Bitcoin risks falling to the next demand zone, between $37,500 and $38,700.
“Bitcoin has fallen below the key supply zone between $41,200 and $42,400. 1.87 million addresses in this domain had accumulated 730,000 BTC.
The decline may trigger these investors to sell in order to reduce their losses.
If selling pressure increases at this point, a possible drop to the next demand zone, i.e. between $37,500 and $38,700, could occur. That’s why investors need to be careful about this decline risk.”
#Bitcoin has slipped below a key supply zone, ranging from $41,200 to $42,400. In this area, 1.87 million addresses had accumulated 730,000 $BTC.
This downturn might trigger these holders to sell, aiming to cut losses.
If selling pressure increases, watch for a possible decline… pic.twitter.com/aTX1RWarkb
— Ali (@ali_charts) December 18, 2023
Bitcoin At the time of writing, it continues to be traded at $ 40,713.
*This is not investment advice.
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