In recent days, Bitcoin's price has experienced significant fluctuations, causing concern among investors. Analyst Ali Martinez provides his analysis of the current situation and possible market scenarios.
Price Drop and Market Impact
Amid the sharp drop in Bitcoin's price below $100,000, analyst Ali Martinez assessed the emerging risks. After the price climbed above a Head-and-Shoulders pattern, the unexpected drop returned BTC to its previous level, increasing bearish sentiments.
Technical Analysis of Current Situation
If the selling pressure continues and Bitcoin's price drops below $92,000, the analyst expressed concern. According to him, there is not much strong support level until $74,000, indicating potential risks for further decline.
Possible Development Scenarios
Despite unfavorable macroeconomic conditions, there is a possibility of Bitcoin price growth. Martinez mentions a $35 million liquidation zone around $98,600 that market makers might want to acquire. However, he warns against optimistic expectations due to the overall volatile market.
The Bitcoin market continues to face pressure. Attention should be paid to both bearish scenarios and potential upward movements based on current data and technical indicators.
