Ali Martinez, one of the well-known analysts of the cryptocurrency world, talked about his expectations after the latest decline in Bitcoin in his statement.
The analyst said that he wanted to think simply and focus only on support and resistance points during this period. According to the analyst, the Bitcoin price has been consolidating in a parallel channel for a while, and therefore the $ 61,000 level is the most important support.
Additionally, the analyst thinks that the $72,400 level is the most important resistance.
Martinez warned that if the BTC price breaks below the mentioned support level, the next stop could be $56,200 or $51,600. However, the analyst claimed that if the Bitcoin price exceeds the resistance level, the new targets could be $79,000 to $86,000.
In addition, speaking about Ethereum, the analyst said that the critical support zone for ETH is between $ 2,000 and $ 2,430 if the decline in the general market continues. According to the analyst's data, 9.37 million addresses in the region hold approximately 53 million ETH.
*This is not investment advice.