The cryptocurrency analyst and the merchant Ali Martinez warns that BTC may decrease a percentage of two numbers if you lose support at the main price level.
Martinez Recount His 132,100 followers on the social media platform X that Bitcoin seriously approached the level of support provided by the moving average for a period of 50 weeks, which is a level, when broken, historically led to deep corrections.
According to Martinez, Bitcoin can decrease by 44 % of the current level if the price drops below the moving average for 50 weeks.
“Today the moving average is sitting for 50 weeks at 75500 dollars. If this support level erupts, Bitcoin may drop to the moving average for 200 weeks at $ 46,000.”
The coding and merchant analyst says the moving average for 50 weeks is the “Bitcoin Bear’s final signal”, and BTC recorded at least four cases as it tested the moving average for 50 weeks and ended up with great losses.
“Historically, when Bitcoin drops from the moving average for 50 weeks, it tends to test the moving average for 200 weeks. For example, in 2014, when Bitcoin decreased to less than the moving average for 50 weeks, it rose to the bottom of the moving average test for 200 weeks.
In 2018, the same thing happened. After bitcoin decreased to less than the moving average for 50 weeks, went and tested the moving average for 200 weeks.
Even in 2020, during Covid’s crash, Bitcoin fell below the moving average for 50 weeks and tested the moving average for 200 weeks.
In 2022, the price correction was more important. Bitcoin even went to less than the moving average for 200 weeks. “
Bitcoin is traded at $ 84,771 at the time of this report.
Follow us xand Facebook and cable
Don’t miss a rhythm – Subscribe to deliver email alerts directly to your inbox
Check the price procedure
Browse the daily Hodl Mix
& nbsp
Disclosure: The views expressed in Daily Hodl are not an investment advice. Investors must do due care before making any high -risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trading on your own responsibility, and any losses you may bear are your responsibility. Daily Hodl does not recommend buying or selling any encrypted currencies or digital assets, and Hodl Daily Andersor is an investment. Please note that the daily Hodl participates in dependent marketing.
Created Image: Midjourney
adxpro.online