While investors were waiting for the continuation of the rise in Bitcoin, which had a nice rise in the past weeks, BTC experienced successive corrections.
While it remains a matter of curiosity how long these corrections will continue, a new post came from popular analyst Ali Martinez.
Stating that at this point, the network growth in Bitcoin has dropped visibly, the analyst said that this situation raises concerns about the sustainability of the upward momentum.
Stating that it is very important to see an increase in the number of BTC addresses in order to continue the rise against this decline, the analyst said:
“There has been a noticeable decline in Bitcoin network growth, stalling BTC's recent move to $44,000 and casting doubt on its sustainability.
For the bull rally to continue strongly, it is very important to see an increase in the number of new BTC addresses. “This increase will provide the necessary support for sustainable upward momentum.”
“The Fall in Bitcoin May Continue!”
The analyst also warned against the risk of decline in BTC in his next post, and said that if the selling pressure increases, Bitcoin carries the risk of falling between $ 37,500 and $ 38,700, which is the next demand zone.
“Bitcoin fell below the key supply zone between $41,200 and $42,400. In this area, 1.87 million addresses had accumulated 730,000 BTC.
The decline may trigger these investors to sell in order to reduce their losses.
If selling pressure increases at this point, a possible drop to the next demand zone, i.e. between $37,500 and $38,700, could occur. That's why investors need to be careful about this decline risk.”
Bitcoin continues to trade at $40,713 at the time of writing.
*This is not investment advice.