Ali Martinez, one of the well-known cryptocurrency analysts, predicted the next move for Bitcoin (BTC) in his latest rating.
With BTC prices at a critical price threshold, Martinez first questioned whether the highest ever high or correction would come first. Analysts say BTC prices reached a major resistance area at $107,000, following a 42% rally last month. Martinez added that this level is a historical turning point.
However, analysts argued that the current momentum is overexpanding. RSI data on daily charts shows BTC in the area of over-acquisition.
Analysts warned about the pullback and said the BTC whales had sold about 30,000 coins. This means that benefits have been generated from the current level.
According to analysts, the $95,850 to $98,730 area will become BTC’s essential support area if sales pressure rises. Martinez noted that breakouts from these levels could lead to deeper fixes for BTC.
On the bullish side, analysts argued that if Bitcoin’s price exceeds the above levels, they could enter the consolidation period and gather strength to reach $116,900 as their next major target.
*This is not investment advice.
