Ali Martinez, one of the most well-known analysts of the cryptocurrency market, evaluated the general picture after the consecutive records in the Bitcoin price in his statement.
Bitcoin price rose to $73,000 today, breaking the highest price record of all time.
According to the analyst, when MVRV pricing bands in BTC are examined, it is seen that the next key price target is $ 83,035. At the time of writing this article, BTC price is trading at $71,117.
However, Martinez argues that a noticeable trend has also emerged among BTC whales. Wallets with more than 1,000 BTC in whales appear to be converting their assets into cash. That's why the number of cryptocurrency wallets holding more than 1,000 BTC in onchain data has decreased by 4.83% in the last two weeks.
In addition, the analyst warned that if the BTC price drops to $50,500, $30 billion of long positions will be liquidated, with a massive liquidation wave occurring across the entire industry.
Referring to Ethereum, the analyst argued that the path to $ 5,000 is becoming increasingly clear and the resistances are gradually diluting. However, he suggested that the most important obstacle for ETH price is the region between $4,522 and $4,646. According to the analyst, 600,000 addresses in this region hold 1.63 million ETH.
*This is not investment advice.
