Bitcoin and altcoins faced a sharp correction last week, with BTC falling to $25,000 and Ethereum to $1550.
As these dips liquidate $1 billion of long positions, investors remain uneasy as to whether there will be any further declines.
At this point, popular analyst Ali Martinez warned investors that there may be further declines in Bitcoin and Ethereum in his posts.
“Bitcoin May Drop To $20,350!”
Stating that the technical indicators in Bitcoin show that the BTC price can fall further when it falls below the 200-day moving average, the analyst examined the movements of BTC in the last 10 years.
“Every time Bitcoin falls below the 200-day SMA over the past 10 years, it usually drops to touch the Realized Price.
Currently, the actual price of Bitcoin is around $20,350″.
According to the analyst's share, if history repeats itself, there is a possibility that Bitcoin will drop to $ 20,350.
“Ethereum Continues to Show Weakness!”
#Bitcoin | Each time $BTC has broken below the 200-day SMA over the last 10 years, it often drops to touch the Realized Price.
Right now, the Realized Price is around $20,350. pic.twitter.com/SazzyyIhNW
— Ali (@ali_charts) August 20, 2023
In the same way, the analyst, who warned of a decline for Etheruem, noted that ETH continues to show weakness and pointed out that there may be another 45% correction from the current levels.
“ETH continues to show weakness and a slide below the $1,600 – $1,550 range for ETH could set the stage for a significant 37% – 45% correction to $1,000.”
#Ethereum | Slipping beneath the $1,600 – $1,550 bracket for $ETH might set the stage for a significant 37% – 45% correction, targeting $1,000. pic.twitter.com/Xmo7Mgfux5
— Ali (@ali_charts) August 21, 2023
Bitcoin continues to trade at $26,000 at the time of writing, while Ethereum is at $1,665.
*Not investment advice.
