Bitcoin remains on track to hit the $57,000 mark as long as it does not slip well below a crucial support level identified by market analyst Ali Martinez.
Bitcoin’s recent rally has stalled in the past week after a failed attempt to break above $53,000. Since then, the leading cryptocurrency has dropped as low as $50,400, within frequent runups to the $52,000 range.
However, popular crypto analyst Ali Martinez outlined another support level for investors to keep an eye on. Precisely, he notes that Bitcoin has a good chance of continuing its uptrend if it holds the support around $51,500.
An accompanying chart shows that the $51,500 mark is an important realized price distribution range for Bitcoin.
In other words, a significant amount of tokens (around 488,175 BTC) last moved within that price range. This amount is worth around $25 billion in BTC at current prices, with these buyers unlikely to sell unless prices drop significantly.
According to the statistics, the $51,500 range is the third-most important support level for BTC. The two other crucial support levels, given Bitcoin’s current prices, are $47,300 and $42,500.
At the same time, another crucial price level exists at around $57,000, which the analyst sets as Bitcoin’s next major price target.
$51,500 has now become one of the most important support zones for #Bitcoin. As long as $BTC continues to hold above it, there is a good chance it will advance toward $57,000. pic.twitter.com/Ke3T3qi8gb
— Ali (@ali_charts) February 22, 2024
It is noteworthy that while Ali Martinez backs Bitcoin to hold the $50,000 price range, others favor a mild pullback before the uptrend continues. A short-term correction could see BTC drop to $48,600 before a price reversal.
Bitcoin Eyes $100K Long-term
Despite Bitcoin’s short-term bearish trend, many popular predictions tip the cryptocurrency to eventually cross $100,000. The popular author of the best-selling book Rich Dad Poor Dad was the latest to make this forecast in recent times.
Meanwhile, investors must contend with the ongoing price consolidation and maintain optimism of a continued rally. The upcoming Bitcoin halving and inflows into the newly launched Bitcoin ETFs could all provide a tailwind for BTC in the coming months.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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