While the cryptocurrency market is in great hype due to expectations that Ethereum Spot ETF products will be approved, Ali Martinez, a famous analyst, explained his expectations for Bitcoin and the general market.
According to the analyst, the key supply zones for the Bitcoin price are between $70,180 and $70,600, and over 450,000 addresses purchased 273,000 BTC from this range. According to the analyst, this situation indicates a bullish situation with strong support levels.
In his prediction based on MVRV price bands, Ali Martinez argued that if the Bitcoin price continues to hover above the $65,125 level, the local peak level before the next short correction could be around $77,593.
Additionally, the analyst explained that there have been major movements in price following each bull or bear signal that the TD Sequential indicator has given on BTC's daily chart since February. Talking about the current situation, Martinez said that this indicator gives a bear signal today and stated that he thinks traders should approach BTC cautiously.
At the time of writing this article, Bitcoin price is trading at $69,684.
*This is not investment advice.