Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Crypto Trader Issues Bitcoin Alert, Says BTC Could Crash by up to 47% From Current Level – Here’s Why

Crypto Trader Issues Bitcoin Alert, Says BTC Could Crash by up to 47% From Current Level – Here’s Why

Daily HodlDaily Hodl2024/09/13 16:00
By:by Mark Emem

Analyst and trader Ali Martinez is leaning bearish on Bitcoin ( BTC ) as the flagship crypto asset sits around 20% below the all-time high.

Martinez tells his 71,000 followers on the social media platform X that Bitcoin has fallen below a key moving average, a development which could lead to the largest crypto asset by market cap falling by around 47% from the current price to levels last witnessed in October of 2023.

Bitcoin trading above its 200-day moving average often signals strong returns, while dropping below it can lead to sharp corrections.

BTC has now been below this key level, at $64,000, for over a month, hinting at a potential drop towards its Realized Price of $31,500!”

Crypto Trader Issues Bitcoin Alert, Says BTC Could Crash by up to 47% From Current Level – Here’s Why image 0 Source: Ali Martinez/X

Martinez further says that the exchange volume momentum metric for Bitcoin is also flashing a bearish signal. The exchange volume momentum metric compares the monthly average of BTC’s exchange inflows and outflows to its yearly average, with a decrease hinting at lower investor interest and an increase signaling rising investor interest.

Says Martinez,

“The Bitcoin Exchange Volume Momentum shows a decline in on-chain activity tied to exchanges, signaling lower investor interest in BTC.”

Crypto Trader Issues Bitcoin Alert, Says BTC Could Crash by up to 47% From Current Level – Here’s Why image 1 Source: Ali Martinez/X

The crypto trader and analyst also says that the Tom DeMark (TD) Sequential indicator has flashed a sell signal for Bitcoin on the 12-hour time frame in anticipation of a “brief correction.” The TD Sequential indicator is used in technical analysis to determine potential bullish or bearish reversal points.

Crypto Trader Issues Bitcoin Alert, Says BTC Could Crash by up to 47% From Current Level – Here’s Why image 2 Source: Ali Martinez/X

Bitcoin is trading at $60,442 at time of writing, up over 4% on the day.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!