An influential cryptocurrency analyst expressed hope Monday that despite growing concerns of a strong pullback, Bitcoin (CRYPTO: BTC) might actually surge in the days ahead.
What Happened: Ali Martinez, known for identifying chart patterns and coming up with price predictions, noted how some influencers were anticipating a price decline.
He cited widely-followed analysts Sheldon The Sniper and Tone Vays, who forecast Bitcoin’s dip below $90,000. Vays ruled out the possibility of a $100,000 breach in 2024.
Martinez added that the crowd has reacted to these bearish predictions, with data from on-chain analytics firm Santiment showing a high volume of “BTC pullback” mentions on social media.
Interestingly, Martinez took a bullish position based on the premise that Bitcoin often behaves contrary to popular belief.
“If the current cycle behaves like the last two, BTC could go to $120,000-$150,000 before the first 30% price correction,” he predicted.
However, he cautioned about two key support levels at $93,580 and $90,520, which if breached would invalidate his bullish thesis.
Why It Matters: Martinez’s balanced viewpoint comes amid a pause in Bitcoin’s upward trajectory following the U.S. government transfer of nearly $2 billion worth of BTCs to different addresses.
While the intention of the transfer was not yet evident, such movements invariably spook investors, who interpret them as selling events.
Data from IntoTheBlock showed a 125% jump in large Bitcoin transactions in the last 24 hours. Additionally, the balance held by long-term holders of the coin dipped, indicating that they were cashing out.
Price Action: At the time of writing, Bitcoin was trading at $95,507.14, up 0.26% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
