Crypto analyst Ali Martinez provided insight into why $59,800 is an important price level for Bitcoin’s future trajectory. Analysts have identified two things that could happen if the leading cryptocurrency falls this far.
Why $59,800 is an important level for Bitcoin
In a post on X (formerly Twitter), Martinez stated that the realized price for short-term Bitcoin holders (STH) is $59,800. He added that BTC has historically often rebounded from this level during uptrends, meaning a drop to that price level could mean the flagship cryptocurrency could experience a massive pump. .
However, Martinez also warned of what could happen if Bitcoin fails to experience this rebound, noting that a decline below this level “could trigger a significant Bitcoin price correction.” . Although the crypto analyst did not say how much Bitcoin could fall, his choice of words suggested that the crypto token's price collapse could be severe. There is.
STH is a key metric that measures the average price at which short-term Bitcoin investors purchased crypto tokens. A drop to this level suggests that these short-term investors have realized the gains, leaving room for Bitcoin to rise further on this wave of decline.
On the other hand, as Martinez warned, if Bitcoin fails to establish support at that level, further declines are possible. This puts into context cryptocurrency analyst DonAlt's recent predictions. He suggested that if BTC eventually breaks through the $60,000 support level, BTC could fall between $52,000 and $47,000.
Meanwhile, Martinez also drew the attention of the crypto community to the $61,900 mark, stating that it “consistently remains an important support level for Bitcoin.” He further claimed that if BTC continues to sustain above that level, it could rise to $71,000.
Is BTC in the top?
In a recent post for X, Martinez gave his opinion on whether Bitcoin has reached its market high. He tried to analyze it from both sides of the divide. First, he noted that BTC's surge in realized gains “historically coincides with market highs.” He also revealed that Bitcoin's realized gains soared to $3.52 billion last month, reaching $73,880.
This suggests that the top of the market is actually in. However, Martinez added that he is waiting for another confirmation before confidently claiming that the market top is in. He claims this confirmation will come if BTC achieves a sustained close below short-term.The realized price is currently around $59,800.
On the other hand, he further stated that this market-top theory could be invalidated if Bitcoin surges above $66,250, claiming that this area is support. If Bitcoin breaks above that price level, it will gain the strength needed to rally toward $69,150. Martinez argued that if BTC eventually breaks through that resistance level, it could reach a new all-time high (ATH) of $92,190.
At the time of writing, Bitcoin has fallen over the past 24 hours, trading at around $62,300, according to data from CoinMarketCap.
