price Bitcoin There has been a bearish trend over the past few days, which has led several cryptocurrency analysts to predict even more bearish behavior for the cryptocurrency asset in the near future.
Bitcoin price plummets to $38,130
Ali Martinez, a renowned cryptocurrency analyst and enthusiast, shared This is a worrying prediction for Bitcoin’s near-term price movement. The analyst took to social media platform X (formerly Twitter) a few hours ago to share his predictions with the cryptocurrency community.
Martinez’s prediction comes amid the recent crash frenzy that has encompassed the entire cryptocurrency market. The largest crypto assets have been experiencing significant declines for some time, with their prices falling. Under $40,000 Price list.
According to analysts, the recent decline in Bitcoin price could lead to a drop below $38,130. Martinez said short-term BTC holders would suffer losses if the price falls below the aforementioned price levels.
He also pointed out that falling prices could trigger a “panic selling” mode among short traders. As a result, these short sellers will look for ways to cut their losses.
Here is the post:
If the Bitcoin price falls below $38,130, short-term BTC holders could find themselves in the red. This potential Bitcoin decline could trigger a new wave of panic selling as holders try to minimize their losses.
Nonetheless, Martinez predicted that the bearish shift is only temporary and that the BTC bull cycle will peak by the end of 2025. In the post, he claimed that Bitcoin’s current state is similar to previous bull markets that lasted “2015-2018 and 2018-2022.” He then noted that market estimates suggest BTC could reach new peaks by October 2025.
Through his analysis, Martinez predicted a “600-day bullish momentum” for Bitcoin, suggesting future gains for investors over the long term.
Historical trends evidence further correction in prices
Charlie Bilelo, chief market strategist at Creative Planning Investor. famous Historical trends suggest further price corrections. According to the chief, “History doesn’t repeat itself, but it often rhymes.”
Bilelo emphasized that there have always been notable price corrections whenever significant events occur in BTC history. he emphasized BTC Since the December 2017 bull market, we have seen an 84% decline.
He highlighted a similar scenario that occurred during the October 2021 bull market. The rally then began following the approval of the BTC Futures ETF, which has since seen a 78% retracement.
This pattern appears to be partially evident, as evidenced by the BTC price surge earlier this year. BTC Spot ETF approval. Bilelo has pointed to a “20% drop” so far since the SEC allowed the product.
As of this writing, the asset’s price is $40,088, down more than 5% in the past week. Market capitalization and trading volume also decreased by 0.35% and 31%, respectively, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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