Experienced cryptocurrency analyst Ali Martinez talked about the future of Bitcoin price in his latest statement.
The analyst's comments came at a time when BTC price was down slightly from the $53,000 mark and was trading around $50,800.
According to Martinez, if BTC cannot regain the $ 52,000 level in a short time, it may face an 8% correction. This could push the BTC price to a region between $48,000 and $46,500, according to the analyst.
Ali Marinez believes that the region in question is a strong resistance point and states that more than 1 million cryptocurrency wallet addresses in this region hold 544,870 BTC. This means that approximately $28 billion worth of BTC was purchased from this region.
Despite the recent decline, the world's largest cryptocurrency has still increased by approximately 8% in the last week and continues to hold above the $ 50,000 level.
In the last 24 hours, there have been downward waves in many altcoins, parallel to BTC, and declines at similar rates to BTC.
*This is not investment advice.