en.bitcoinsistemi.com
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.