In a recent statement, famous cryptocurrency analyst Ali Martinez shared his views on the future course of Bitcoin (BTC).
Martinez emphasized that Bitcoin is currently in a critical range between two important supply areas. According to the analyst, the first zone that acts as support lies between $50,000 and $51,570. Approximately 1.3 million addresses in this region hold 670,220 BTC.
According to the analyst, the second zone, which acts as resistance, is between $51,640 and $53,200. There are 752,600 addresses in this region holding 351,600 BTC.
According to Martinez, these regions represent areas of significant interest for both investors and traders. If Bitcoin manages to break the resistance, Martinez predicts a rise towards $57,130. According to the analyst, this would indicate strong buying momentum and could potentially trigger a new wave of investment in BTC.
Conversely, if the support zone fails to hold, a correction towards $47,700 could be on the horizon. This will indicate a downward trend and may lead to a sell-off.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/prominent-crypto-analyst-speaks-on-the-bitcoin-prices-trend-in-the-new-week-here-are-important-support-and-resistance-points/