{"id":575675,"date":"2024-02-18T11:30:49","date_gmt":"2024-02-18T11:30:49","guid":{"rendered":"https:\/\/wncen.com\/?p=575675"},"modified":"2024-06-11T08:32:20","modified_gmt":"2024-06-11T08:32:20","slug":"is-bitcoin-price-facing-a-correction-to-46000-heres-what-this-analyst-thinks","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-bitcoin-price-facing-a-correction-to-46000-heres-what-this-analyst-thinks\/","title":{"rendered":"Is Bitcoin Price Facing A Correction To $46,000? Here\u2019s What This Analyst Thinks"},"content":{"rendered":"

Over the past week, the Bitcoin price put in one of its finest performances<\/a> since the start of 2024, breaking above $50,000 for the first time since 2021. While the premier cryptocurrency has been moving mostly sideways in the past few days, it continues to hold its own above the $51,000 mark.<\/span><\/p>\n

However, a popular crypto analyst on the X platform has put forward an interesting prognosis for the Bitcoin price, stating that the coin might experience some bearish pressure in the near future.<\/span><\/p>\n

Is BTC Headed To $46,000?<\/strong><\/h2>\n

On Thursday, February 15, prominent crypto analyst Ali Martinez sounded the sell alarm<\/a> – based on the Tom Demark Sequential indicator – for Bitcoin. According to the analyst, investors should anticipate a one-to-four candlesticks correction on BTC\u2019s daily chart in the coming days.<\/span><\/p>\n

Related Reading: Bitcoin Bull Run: On-Chain Data Points To Declining Retail Participation<\/a><\/div>\n

Ali Martinez<\/a> took to the X platform on Saturday, February 17, to share an in-depth analysis of an impending correction for the Bitcoin price. This evaluation is based on the distribution of holders\u2019 cost basis across the various BTC price zones near the current price of the cryptocurrency.<\/span><\/p>\n

With this on-chain indicator, the strength of any resistance or support level depends on the number of coins acquired by investors within the price range. And this strength is portrayed by how large or small the circles (representing the price ranges) are.<\/span><\/p>\n

\"Bitcoin<\/p>\n

Over 1 million addresses bought 544,870 BTC within the $48,000 and $46,500 range | Source: Ali_charts\/X<\/a><\/span><\/strong><\/pre>\n
As shown in the chart above, the price of Bitcoin seems to be facing significant resistance between $51,099 and $52,582. Recognizing this pattern, Martinez said in his post<\/a> that if the flagship cryptocurrency fails to reclaim the $52,000 level, then it is at risk of an 8% price correction.\u00a0<\/span><\/p>\n
An 8% decline from the current point would see the Bitcoin price drop to between the $48,000 and $46,500 zone. According to the on-chain resistance data, more than 1 million addresses bought 544,870 BTC within this range, making it a significant support level.<\/span><\/p>\n
Bitcoin Price Overview<\/strong><\/h2>\n
As of this writing, the Bitcoin price stands at around $51,650, reflecting an almost 0.9% dip in the past 24 hours. Despite the recent bearish pressure slowing down its momentum, the market leader has maintained most of its profit from the past week.<\/span><\/p>\n
Related Reading: Coinbase Custody Accounts For 90% Of All Bitcoin ETFs \u2013 Details<\/a><\/div>\n
According to data from CoinGecko, Bitcoin\u2019s value has jumped by more than 8% in the last seven days. Meanwhile, the cryptocurrency has registered over 20% growth so far in the month of February.<\/span><\/p>\n
Thanks to the recent price rise<\/a>, BTC surpassed the $1 trillion mark in terms of market capitalization, solidifying its position as the largest asset in the cryptocurrency sector.<\/span><\/p>\n
\"Bitcoin<\/p>\n
Bitcoin at $51,564 on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Over the past week, the Bitcoin price put in one of its finest performances since the start of 2024, breaking above $50,000 for the first time since 2021. While the premier cryptocurrency has been moving mostly sideways in the past few days, it continues to hold its own above the $51,000 mark. However, a popular crypto analyst on the X platform has put forward an interesting prognosis for the Bitcoin price, stating that the coin might experience some bearish pressure in the near future. Is BTC Headed To $46,000? On Thursday, February 15, prominent crypto analyst Ali Martinez sounded the sell alarm – based on the Tom Demark Sequential indicator – for Bitcoin. According to the analyst, investors should anticipate a one-to-four candlesticks correction on BTC\u2019s daily chart in the coming days. Related Reading: Bitcoin Bull Run: On-Chain Data Points To Declining Retail Participation Ali Martinez took to the X platform on Saturday, February 17, to share an in-depth analysis of an impending correction for the Bitcoin price. This evaluation is based on the distribution of holders\u2019 cost basis across the various BTC price zones near the current price of the cryptocurrency. With this on-chain indicator, the strength of any resistance or support level depends on the number of coins acquired by investors within the price range. And this strength is portrayed by how large or small the circles (representing the price ranges) are. Over 1 million addresses bought 544,870 BTC within the $48,000 and $46,500 range | Source: Ali_charts\/X As shown in the chart above, the price of Bitcoin seems to be facing significant resistance between $51,099 and $52,582. Recognizing this pattern, Martinez said in his post that if the flagship cryptocurrency fails to reclaim the $52,000 level, then it is at risk of an 8% price correction.\u00a0 An 8% decline from the current point would see the Bitcoin price drop to between the $48,000 and $46,500 zone. According to the on-chain resistance data, more than 1 million addresses bought 544,870 BTC within this range, making it a significant support level. Bitcoin Price Overview As of this writing, the Bitcoin price stands at around $51,650, reflecting an almost 0.9% dip in the past 24 hours. Despite the recent bearish pressure slowing down its momentum, the market leader has maintained most of its profit from the past week. Related Reading: Coinbase Custody Accounts For 90% Of All Bitcoin ETFs \u2013 Details According to data from CoinGecko, Bitcoin\u2019s value has jumped by more than 8% in the last seven days. Meanwhile, the cryptocurrency has registered over 20% growth so far in the month of February. Thanks to the recent price rise, BTC surpassed the $1 trillion mark in terms of market capitalization, solidifying its position as the largest asset in the cryptocurrency sector. Bitcoin at $51,564 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":559130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87818,428,679,1119,1122,78790],"class_list":["post-575675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nIs Bitcoin Price Facing A Correction To $46,000? 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Bitcoin Price Facing A Correction To $46,000? 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