Experienced Analyst Gave the Critical Level in Bitcoin: “If This Level Is Broken, It Points To $31,500”
Cryptocurrency analyst Ali Martinez shared the most critical level for the Bitcoin price with his followers in his statement.
Ali Martinez, one of the well-known cryptocurrency analysts, made a statement regarding a critical Bitcoin price level in one of his latest updates.
Martinez claimed in his message, which he shared with the “warning” tag, that historically when the Bitcoin price falls below the “Realized Price/Viability Ratio,” the price falls to the realized price. According to Martinez’s statement, the rate is currently at $51,600, while the realized price is around $31,500.
Referring to the Ethereum side, the analyst reported that ETH whales have stopped accumulating coins since July and have since sold or redistributed their ETH holdings.
Despite this pessimistic outlook, the analyst also has some positive views. Regarding October, Martinez said:
“While September has historically been a difficult month for Bitcoin, keep in mind that October is approaching. Often referred to as ‘Uptober,’ this month is known to be one of the best months for BTC.”
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Canary Capital files for a spot XRP exchange-traded fund with the SEC
Canary Capital’s move comes after Bitwise filed its S-1 registration statement last week.Canary Capital founder Steven McClurg said the firm is seeing “encouraging signs of a more progressive regulatory environment coupled with growing demand.”
Blockchain-based DeSci solves science’s peer review problem — Hoskinson
Bitcoin follows ‘perfect script’ charting $150K+ all-time high this cycle — Analyst
Will BlackRock’s Bitcoin ETF Options Fuel a Bitcoin Super Cycle?
Trending news
MoreCrypto prices
More
