Bitcoin (BTC) Set For Potential 40% Upsurge In The Short-Term, But Analyst Ali Martinez Predicts More Downward Pressure

Over the previous two weeks, the price of Bitcoin (BTC) has been steadily falling, which has fueled a general gloomy sentiment around the cryptocurrency industry.

The price of Bitcoin (BTC) has seen a steady decline over the last two weeks, which has led to an overall bearish sentiment in the cryptocurrency industry. However, despite the pessimism surrounding the flagship cryptocurrency and the crypto market at large, popular cryptocurrency analyst and trader Captain Faibik has predicted a significant bullish wave for Bitcoin.

This expected upswing could bring much-needed relief to BTC, suggesting a potential recovery amid the prevailing negativity in the cryptocurrency world.

Bitcoin Poised For Potential 40% Short-Term Upsurge

Captain Faibik’s analysis highlights market trends and signals that indicate either a strong rebound or further declines for BTC could be on the horizon. He points out the capacity of Bitcoin to overcome overhead resistance and find strong support at key junctures, which could drive prices higher even as the general market sentiment remains bearish.

According to Captain Faibik, the price of the digital asset has been trading within the support and resistance levels of $60,000 and $70,000, respectively, for the past 4 months. As a result, the analyst suggests that until BTC breaks either of these levels, it is best to observe its movement and wait as no concrete conclusions can be made at this stage, adding that trading is a game of patience.

In the event of a successful breakout above the resistance level of $70,000, Captain Faibik believes that the digital asset could experience a bullish wave of 30 to 40% in the upcoming weeks.

However, if Bitcoin breaches below both the weekly Exponential Moving Average (EMA) 21 levels and the horizontal support level of $60,000, it might see a deeper correction to hit the $50,000 threshold in the upcoming weeks.

So far, Captain Faibik highlights that the bulls are in full control of the market as long as the crypto asset remains within the green box on his chart, indicating that it is in a safe zone.

Overall, the expert’s analysis suggests that investors and traders should be cautious and consider the possibility of a bullish rebound amid the general bearish market trend.

Increased BTC Accumulation May Exert Downward Pressure

As BTC grapples with bearish price movements, well-known cryptocurrency analyst Ali Martinez has also provided his perspective on the trend, suggesting that BTC could face more downward pressure.

Martinez’s analysis points to the large BTC accumulations observed over the weekend, which could trigger an extended decline. According to Martinez, approximately 3.03 million BTC were acquired by about 5.45 million addresses between the price range of $64,300 and $70,800.

Related Reading: Support Turns Resistance: Bitcoin Retests $64,515 After Break – Will It Hold?

The analyst suggests that this accumulation may present a significant supply hurdle for the crypto asset, increasing the likelihood of a sharp decline. If the price of BTC continues to fall, these holders may sell their holdings to minimize their losses, potentially creating sustained downward pressure.

Considering that BTC is currently trading below the mentioned price level, it seems that the prediction of Martinez is slowly coming to pass, with the asset’s market cap decreasing by over 4% in the last 24 hours.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-set-potential-upsurge-shortterm-analyst-ali-martinez-predicts-downward-pressure.html

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