Recent market analyzes of the price trajectory of Bitcoin (BTC), the leading cryptocurrency, present mixed sentiments. Ali Martinez, a popular crypto analyst, sounded a warning when observing a sell signal on the Bitcoin price chart. Additionally, he hinted at a potential decline in BTC.
Will Bitcoin Plunge Below $65,500?
In a recent article on X, Martinez highlighted the emergence of a sell signal on the 12-hour chart, thanks to the TD Sequential indicator. Additionally, he stressed the importance of exercising caution, particularly emphasizing the importance of Bitcoin’s ability to maintain support above the $65,500 level. This implies that if BTC drops below this threshold, a massive crash could ensue.
In contrast to Martinez’s cautious stance, Willy Woo, another veteran analyst, offered a more optimistic outlook on Bitcoin’s price trajectory. Woo highlighted a remarkable milestone in Bitcoin’s monetary inflation rate, which has now fallen below that of gold. Additionally, the analyst speculated on the possibility of Bitcoin’s market cap surpassing that of gold, which aligns with the stock-to-flow thesis.
However, Woo tempered his bullish outlook by acknowledging the inherent lag in Bitcoin’s adoption curve. The analyst cited factors such as custody infrastructure, regulatory clarity, and institutional acceptance as important determinants of Bitcoin’s long-term valuation.
Adding to the dynamic narrative surrounding Bitcoin price action, the recent resurgence of ETF inflows has caught the attention of market observers. Following the Halving event on April 19, which effectively reduced the daily issuance of new Bitcoins to 450 BTC
Bitcoin ETFs have become notable buyers in the market as they fetch more Bitcoin than daily mining production. This trend peaked for three consecutive days in which ETFs acquired over 100% of the total BTC mined after the halving. Additionally, since last Friday, Bitcoin ETF net purchases amount to 2,177 BTC, further accelerating the supply shock in the market.
Excluding outflows from the Grayscale Bitcoin Trust (GBTC), the purchase amounts to a staggering 4,468 BTC. This influx of institutional demand has the potential to catalyze a rise in Bitcoin prices in the near future. Thus, the impending drop in prices could be mitigated.
Also read: Tesla didn’t sell any of its $711 million worth of Bitcoin (BTC) in the first quarter
Bitcoin price fails to hold $67,000
Bitcoin price recently surpassed $67,000 but failed to maintain its momentum. At press time, BTC price showed a gain of 0.63% and was trading at $66,484.01 with a mammoth market cap of $1.31 trillion on Wednesday, April 24. However, 24-hour trading volume plunged 4.21% to $23.85 billion.
Amid the recent rebound, short sales dominated the liquidation market with $11.46 million over the past 24 hours. However, long positions also accounted for massive liquidations of $8.81 million, according to Coinglass. Therefore, sideways action is observed due to fierce competition between long and short position holders.
Also Read: Top 4 Cryptocurrencies to Buy After Bitcoin Halving
Recent market analyzes of the price trajectory of Bitcoin (BTC), the leading cryptocurrency, present mixed sentiments. Ali Martinez, a popular crypto analyst, sounded a warning when observing a sell signal on the Bitcoin price chart. Additionally, he hinted at a potential decline in BTC.
Will Bitcoin Plunge Below $65,500?
In a recent article on X, Martinez highlighted the emergence of a sell signal on the 12-hour chart, thanks to the TD Sequential indicator. Additionally, he stressed the importance of exercising caution, particularly emphasizing the importance of Bitcoin’s ability to maintain support above the $65,500 level. This implies that if BTC drops below this threshold, a massive crash could ensue.
In contrast to Martinez’s cautious stance, Willy Woo, another veteran analyst, offered a more optimistic outlook on Bitcoin’s price trajectory. Woo highlighted a remarkable milestone in Bitcoin’s monetary inflation rate, which has now fallen below that of gold. Additionally, the analyst speculated on the possibility of Bitcoin’s market cap surpassing that of gold, which aligns with the stock-to-flow thesis.
However, Woo tempered his bullish outlook by acknowledging the inherent lag in Bitcoin’s adoption curve. The analyst cited factors such as custody infrastructure, regulatory clarity, and institutional acceptance as important determinants of Bitcoin’s long-term valuation.
Adding to the dynamic narrative surrounding Bitcoin price action, the recent resurgence of ETF inflows has caught the attention of market observers. Following the Halving event on April 19, which effectively reduced the daily issuance of new Bitcoins to 450 BTC
Bitcoin ETFs have become notable buyers in the market as they fetch more Bitcoin than daily mining production. This trend peaked for three consecutive days in which ETFs acquired over 100% of the total BTC mined after the halving. Additionally, since last Friday, Bitcoin ETF net purchases amount to 2,177 BTC, further accelerating the supply shock in the market.
Excluding outflows from the Grayscale Bitcoin Trust (GBTC), the purchase amounts to a staggering 4,468 BTC. This influx of institutional demand has the potential to catalyze a rise in Bitcoin prices in the near future. Thus, the impending drop in prices could be mitigated.
Also read: Tesla didn’t sell any of its $711 million worth of Bitcoin (BTC) in the first quarter
Bitcoin price fails to hold $67,000
Bitcoin price recently surpassed $67,000 but failed to maintain its momentum. At press time, BTC price showed a gain of 0.63% and was trading at $66,484.01 with a mammoth market cap of $1.31 trillion on Wednesday, April 24. However, 24-hour trading volume plunged 4.21% to $23.85 billion.
Amid the recent rebound, short sales dominated the liquidation market with $11.46 million over the past 24 hours. However, long positions also accounted for massive liquidations of $8.81 million, according to Coinglass. Therefore, sideways action is observed due to fierce competition between long and short position holders.
Also Read: Top 4 Cryptocurrencies to Buy After Bitcoin Halving
