Analyst Reveals Bitcoin Key Support Levels For Reaccumulation – Details

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As a seasoned analyst with over two decades of experience in the financial markets, I find the current Bitcoin landscape both intriguing and challenging. The rapid price rally following Trump’s presidency and the Fed’s rate cut has been nothing short of remarkable, pushing BTC to an all-time high. However, as Ali Martinez rightly points out, such exuberant growth can often be followed by a significant correction.

The surge in Bitcoin‘s price became noticeable following Donald Trump’s election as the U.S. President, with a 9.62% increase over the past week, according to CoinMarketCap data. During this price uptick, Bitcoin reached an unprecedented high of $77,252 on November 8, only to slightly retreat by more than half a percent since then. Analyst Ali Martinez anticipates that Bitcoin could experience substantial corrections, possibly offering chances for further accumulation in the future.

Bitcoin Likely To Fall To $69,000 – Here’s How

On November 9th, Martinez forecasted in a post that Bitcoin might experience a notable drop in price, following several days of upward trend caused by the US election outcomes and the Federal Reserve’s move to reduce interest rates by 0.25%.

As I examine the recent drop of the leading cryptocurrency beyond $77,000, it appears we may be witnessing a descent from a rising wedge – a chart pattern often signaling a potential reversal in an uptrend due to the convergence of highs and lows. If this analysis proves accurate, Bitcoin could dip towards approximately $73,900. However, should selling pressure intensify, there’s a possibility for a more significant decline down to $71,500. In the worst-case scenario, $69,000 might emerge as a robust support level.

It’s worth noting that Ali Martinez revealed he’s placed buy orders at various support levels because any Bitcoin price recovery offers a promising chance for substantial purchases at reduced costs. This approach stems from the widespread assumption that the Bitcoin bull market is far from over, even with recent notable price surges in the last few weeks. Experts are still predicting a six-digit price by 2024, suggesting significant potential for price growth in the near future.

BTC Leverage Ratio Hits 2-Year High

Recently, data from analytics firm IntoTheBlock reveals that Bitcoin’s Open Interest-to-market cap ratio stands at 5.93%, marking the highest level for this particular metric since the FTX incident in November 2022. This suggests that traders are currently maintaining substantial leveraged positions, potentially leading to significant swings in prices as a result of even minor price fluctuations, thus fueling speculation about an imminent price adjustment.

Currently, Bitcoin is being traded at approximately $76,740 after experiencing a minor decrease of 0.70% over the past day. Simultaneously, the trading volume has decreased by 44.63%, currently standing at about $31.87 billion. Despite this, Bitcoin remains a global point of interest due to its substantial 27.76% price increase over the last month, which has boosted its market capitalization to a staggering $1.51 trillion.

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2024-11-10 15:40