Ali Martinez, one of the well-known cryptocurrency analysts, made a statement regarding a critical Bitcoin price level in one of his latest updates.
Martinez claimed in his message, which he shared with the “warning” tag, that historically when the Bitcoin price falls below the “Realized Price/Viability Ratio,” the price falls to the realized price. According to Martinez’s statement, the rate is currently at $51,600, while the realized price is around $31,500.
Referring to the Ethereum side, the analyst reported that ETH whales have stopped accumulating coins since July and have since sold or redistributed their ETH holdings.
Despite this pessimistic outlook, the analyst also has some positive views. Regarding October, Martinez said:
“While September has historically been a difficult month for Bitcoin, keep in mind that October is approaching. Often referred to as ‘Uptober,’ this month is known to be one of the best months for BTC.”
*This is not investment advice.