Ali Martinez, one of the well-known analysts of the cryptocurrency market, predicted the next move for Bitcoin (BTC) in his latest assessment.
With the BTC price at a critical price threshold, Martinez first questioned whether a new all-time high or a correction would come first. According to the analyst, the BTC price has hit a key resistance area at $107,000 following a 42% rally last month. Martinez added that this level is historically a turning point.
However, the analyst argued that the current momentum has become overstretched, with the RSI data on the daily chart showing BTC in overbought territory, which is a common occurrence in short-term pullbacks.
Warning about the pullback, the analyst also said that BTC whales sold around 30,000 coins, which means profit taking from current levels has occurred.
According to the analyst, the area between $95,850 and $98,730 will be a must-hold support area for BTC if selling pressure increases. Martinez noted that a breakout from these levels could result in a deeper correction for BTC.
On the bullish side, the analyst claimed that if the Bitcoin price manages to stay above the mentioned level, it could enter a period of consolidation and gather strength for a breakout towards $116,900 as the next major target.
*This is not investment advice.
