In his latest statement, well-known cryptocurrency analyst Ali Martinez identified a critically important level for Bitcoin and presented a general analysis.
According to the analyst, the realized price of short-term investors in Bitcoin is at $ 59,800. The analyst also argues that historically speaking, BTC price has a tendency to bounce from this level during uptrends. However, Martinez also warns that if this level is lost, the BTC price may experience serious corrections historically.
On the other hand, the analyst also stated that the $61,900 level consistently constitutes a critical support level for the Bitcoin price. According to the analyst, if this level continues to hold, the BTC price may rise again to around $ 71,000.
Adding the Ethereum price to his analysis, Martinez reminded that there is a strong resistance at the $ 3,200 level, and 2.43 million cryptocurrency addresses hold 5.14 million ETH at this level.
At the time of writing this article, BTC price is at $ 62,844, while Etheruem price is trading around $ 3,177 after a serious decrease of 4% in the last 24 hours.
*This is not investment advice.