“Bitcoin’s daily chart reveals signs of an imminent sell-off, warns analyst, igniting curiosity about the future of the world’s most popular cryptocurrency.”
Popular crypto analyst Ali Martinez has provided a negative outlook for Bitcoin’s price trajectory in the next 24 hours. Despite a 0.7% increase and briefly surpassing $30,000, Martinez believes the leading cryptocurrency will experience a price dip unless certain conditions are met.
Martinez identified $31,560 as a crucial zone for Bitcoin traders. He analyzed the formation of a potential head-and-shoulders pattern on the Bitcoin daily chart, indicating that market bulls are struggling to drive the price higher. Martinez pointed out that indicators on the BTC daily chart, such as the TD sequential indicator and Relative Strength Index (RSI), suggest an incoming price dip.
However, Martinez added a clause to his prediction. He stated that Bitcoin could avoid the sell-off if it closes its current daily candlestick above the $31,560 mark. Currently trading at $29,960 with an 11.6% gain in the last week, Bitcoin holds a market cap of $584.38 billion, making it the most valuable crypto asset.
In other news, growing investor confidence in Bitcoin has been observed. Recent data from IntoTheBlock revealed that 80% of circulating BTC has not been moved from investor wallets in the last six months, indicating growing confidence among holders. Additionally, the total balance of BTC owned by hodlers, investors who have held Bitcoin for over a year, has reached a new high of 13.45 million Bitcoin.
The continuous accumulation of Bitcoin by hodlers has contributed to the token’s robust price performance despite market turbulence. Bitcoin has gained 70% since the beginning of the year and remains in the headlines.