In a recent statement, renowned cryptocurrency analyst Ali Martinez offered a comprehensive assessment of the current Bitcoin market dynamics.
According to the analyst, while the price of Bitcoin continues to climb, a significant decrease in the 'Estimated Leverage Ratio' has been observed. According to Martinez, this trend shows that investors are reducing their leverage risks and taking a more cautious approach to the crypto market despite the increase in Bitcoin price.
The analyst also explained some of the signs and levels he is watching for the possibility of a correction in the cryptocurrency market. Martinez pointed out that the first indicator of a potential price correction would be a sustained close below $43,200. According to Martinez, if this happens, Bitcoin could potentially trend towards a value of $37,000.
However, Martinez also emphasized that as long as the important $43,200 support level is maintained, the odds appear to favor the bulls. According to the analyst, this could potentially push Bitcoin to a value of $47,360.
In addition to these observations, Martinez noted a significant decline in the number of organizations holding at least 1,000 Bitcoins. According to the data, there has been a noticeable decrease in this figure by over 1.10% in the last three days.
*This is not investment advice.