Bitcoin Has 'High Probability' Of Crashing Below $60,000 If It Stays Below This Level, Says Analyst, But The Fall Could Be Even Steeper

A renowned cryptocurrency analyst shared a cautious perspective on Bitcoin’s (CRYPTO: BTC) price on Sunday, hinting at a sharp drop from the current levels.

Big Drawdown Incoming For BTC?

Ali Martinez, known for scrutinizing chart patterns on-chain signals, said in an X post that if Bitcoin continues to trade below the Short-Term Holder Realized Price of $111,937, there’s a higher likelihood of it moving toward the Realized Price at $56,145 or even the Long-Term Holder Realized Price at $37,815.

The Short-Term Holder Realized Price, or STH, represents the average cost price of investors who have held their coins for less than 155 days, according to Glassnode. Similarly, the Long-Term Holder Realized Price is the average cost price of Bitcoin older than 155 days. These indicators often act as key resistance and support levels for Bitcoin.

See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030

‘Base-Building’ Before Next Leg Up?

Meanwhile, Coinbase Institutional suggested that the October sell-off may have been a necessary “reset” for the cryptocurrency market.

“Excess leverage is flushed, fundamentals remain intact, and institutional players are quietly rotating back in,” Coinbase Institutional said. “We think this is the base-building phase before the next leg up, not a cycle top.”

Coinbase institutional predicted a “gradual increase” in Bitcoin dominance, projecting its price to fluctuate between $90,000 and $160,000 over the next three to six months.

Will Things Get Better?

Bitcoin and other leading cryptocurrencies rallied overnight Sunday, fueled by hopes of the end of the federal shutdown. The apex digital asset reclaimed $106,000, wiping out losses from earlier in the week.

Cathie Wood, CEO of ARK Invest, remains bullish on the token despite recent challenges. She reaffirmed her $1 million price target for Bitcoin, attributing it to the growth of stablecoins, which recently surpassed $300 billion in total market value.

Price Action: At the time of writing, BTC was exchanging hands at $106,214.40, up 4.30% in the last 24 hours, according to data from Benzinga Pro.

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