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While the correction in Bitcoin that started after the ETF approval deepened, investors continue to be uneasy about further declines.
At this point, while $ 30,000 levels were being talked about, a prediction came from popular analyst Ali Martinez.
Repeating his price prediction a few days ago, the analyst argued that the Bitcoin price moves in a parallel channel.
Stating that BTC was rejected at $48,000, the upper point of this channel, the analyst said that it could go up to $34,000, the lower limit of the channel, in the correction.
Stating that the rally in Bitcoin will begin after the correction, the analyst argued that BTC could go to $ 57,000.
“ Looks like this parallel channel remains valid!
This suggests that Bitcoin has been rejected from the upper bound of the parallel channel at $48,000 and will now retreat to the lower bound of $34,000.
This chart also shows us that BTC will return to $57,000 after the correction.”
It appears this parallel channel is holding true! This suggests that #Bitcoin faced rejection from the channel’s upper boundary at $48,000, and now $BTC will retrace to the lower boundary at $34,000, and then rebound back to the upper boundary at $57,000. https://t.co/2vDqYpwmpi pic.twitter.com/fBiNsmJ10C
— Ali (@ali_charts) January 13, 2024
The analyst also noted that the number of whales in Bitcoin is also increasing. Evaluating this increase, Martinez said that it could be a signal of investors’ confidence in Bitcoin and their strategic purchases.
“There is a significant increase in the number of Bitcoin whales today!
The number of addresses holding over 1,000 BTC has now reached 1,510, reaching its highest level since August 2022.
“This increase in large BTC holders could be a signal of strong confidence or strategic positioning in the market.”
Bitcoin, which fell after Grayscale’s Coinbase transfer, continues to be traded at $ 41,058 at the time of writing.
Read the full article here
