While Bitcoin Price Remains Stable, Bulls Are Preparing to Move for a New Rally!

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After a long downtrend in the cryptocurrency market BitcoinIt seems to have found a new balance point around $62,000. According to CoinGecko data, BTC decreased by 3.21% in the last 24 hours, dropping its price to $ 61,800.

Ethereum similarly declined, following BTC, falling to $3,020. During this period, the top ten crypto assets such as BNB and Toncoin also experienced small positive gains, gaining less than 1%.

Ali Martinez takes bearish and bullish scenarios into consideration when predicting Bitcoin’s future move. As Martinez stated in a recent article, BTC is in the process of consolidation in a parallel channel and moves between the most important support and resistance levels. The asset’s critical exchange point is between $61,000 and $72,400, and breaching these levels could significantly impact the crypto market. emphasizes.

The analyst argued that if Bitcoin loses the $61,000 support, the asset would decline by 15% to $51,200. Notably, when BTC fell to $60,900 on Saturday, the decline was limited to only 10%, but altcoins such as BONK and PEPE fell over 40%.

Meanwhile, Martinez’s bullish market scenario calls for Bitcoin to conquer the $72,000 resistance. Over the past weeks, BTC has found this resistance level challenging. The last few times it was tested, it failed to overcome.

However, the analyst predicted that a successful breakout from $72,400 would send Bitcoin to an unprecedented price of $86,000. With a market value of $63,500, BTC needs a 13% rise to exceed $72,400.

Reacting to the analyst’s project, market participants stated that there is currently plenty of negative energies in the crypto space, suggesting that the drop to $51,000 could occur sooner than the rise to $86,000.


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