A closely watched cryptocurrency strategist is warning that Bitcoin (BTC) may have already hit a bull market high.
Analyst Ali Martinez told his 60,700 followers on social media platform
Analysts believe realized gains soared to new highs when Bitcoin hit a new all-time high of over $73,000, levels seen during the bull market highs of 2018, 2021 and 2022. We emphasize that we have exceeded the
“Last month, realized gains jumped to $3.52 billion when BTC hit $73,880. This could signal that the BTC market could be on top!”
Martinez says other signals are needed to confirm his bearish stance.
“Still, we are waiting for another confirmation before calling the Bitcoin market leaders.
For example, a sustained close below the realized price of short-term BTC holders, which is currently hovering around $59,800, could confirm a potential BTC market high. ”
However, analysts say his demands will be nullified if Bitcoin is able to regain key price levels.
“If Bitcoin can surge above $66,250 and reclaim this area as support, the bearish outlook will be invalidated…
A rally above $66,250 would give Bitcoin the leverage to push towards $69,150.
And if this resistance wall is broken, BTC could move towards a new all-time high of $92,190. ”
At the time of this writing, Bitcoin is trading at $60,543, down more than 5% in the past day.
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