An influential Cryptocurrency analyst on Monday expressed hope that, despite growing concerns about a sharp correction, Bitcoin (CRYPTO:BTC) could see an increase in the coming days.
What happened
Ali Martinezknown for identifying chart patterns and making price predictions, noted that some influencers were anticipating a drop in price.
Citing widely followed analysts Sheldon The Sniper and Tone Vaysmentioned that they predicted a drop in Bitcoin below $90,000. Vays ruled out the possibility of Bitcoin exceeding $100,000 in 2024.
Martinez added that these pessimistic predictions have influenced public sentiment, with data from the on-chain analytics firm Santiment showing a high volume of mentions about a “BTC correction” on social media.
From time to time, I check what some of my favorite analysts are thinking to see if I’m missing something. And right now, I think I’m missing something.
Many are talking about a potential #Bitcoin $BTC price crash… 👀👀👀
Here’s what they are saying 👇🧵
— Ali (@ali_charts) December 2, 2024
Interestingly, Martinez took an optimistic stance based on the premise that Bitcoin often behaves contrary to popular beliefs.
“If the current cycle behaves like the previous two, BTC could reach between $120,000 and $150,000 before a 30% correction in its price,” he predicted.
However, he warned of two key support levels at $93,580 and $90,520, which, if broken, would invalidate his bullish thesis.
Why is it important
Martinez’s balanced outlook comes amid a pause in Bitcoin’s bullish trajectory following the transfer of nearly $2 billion in BTC by the US government to different addresses.
Although the intention behind this transfer was not evident, movements of this type inevitably scare investors, who interpret them as sales events.
Data of IntoTheBlock revealed a 125% increase in large Bitcoin transactions in the last 24 hours. Furthermore, the balance held by long-term holders of the asset decreased, indicating that some decided to liquidate.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $95,507.14, up 0.26% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
You can also read: 5 stocks in focus this Tuesday: CNM, HON, CRM, ZS and MRVL
For more updates on this topic, activate Benzinga Spain notifications or follow us on our social networks: x and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial, available in English, gives you access to exclusive information so you can receive useful trading signals before millions of other traders. CLICK HERE to start your free trial.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
