Bitcoin BTC/USD analyst Ali Martinez has recently shared insights on the current state of the cryptocurrency market, suggesting that the recent price action could continue.
What Happened: Martinez, who is known for his analysis of on-chain and technical indicators, took to X to share his observations. Despite the recent market turbulence, Martinez pointed out that only $280.9 million in longs and $25.4 million in shorts have been liquidated.
He noted that previous mass liquidation events have seen over $1 billion wiped out. “This tells us either the $BTC dip is not over yet or shorts are about to get obliterated,” Martinez wrote.
Why It Matters: The recent market volatility has been a topic of concern for many in the cryptocurrency space. Recently, influential crypto VC Andrew Kang warned of a potential retest of the $40,000 support level, which could lead to a significant price correction for Bitcoin.
However, the decoupling of Bitcoin and Ethereum ETH/USD from tech stocks, as discussed by Bloomberg ETF analyst James Seyffart and macro trader Alex Krüger, could be a positive sign for the market, indicating a potential maturation and offering diversification benefits.
Meanwhile, a report by 10x Research suggested that Bitcoin could plummet to $50,000 if it fails to maintain support above the crucial $60,000 level.
Despite the market uncertainty, Mike Novogratz, CEO of Galaxy Digital, offered an optimistic outlook for cryptocurrency regulation in the United States, stating that positive legislation is likely regardless of the outcome of the next election.
Price Action: Bitcoin’s price is trading at $59,061 in last 24 hours, marking a decrease of 1.80%. Over the past month, the King Crypto has seen a significant decline of 16.27%. However, year-to-date, Bitcoin has shown strong performance with an increase of $14,889.10, representing a rise of 33.71%, according to data from Benzinga Pro.
Read Next:
Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
