Bitcoin

Read

<p class="is-style-lead">In light of a modest 3% decline within the last 24 hours, cryptocurrency trader and analyst Ali Martinez has taken to Twitter to explain his belief that bitcoin&#8217;s price will likely continue its downward trend. </p>



<p>Martinez notes that the leading cryptocurrency appears to be losing support from crucial levels, increasing the probability of a significant price correction. There is a significant demand barrier between $23,200 and $24,000, where 340,000 <a href="https://crypto.news/price/bitcoin/">BTC</a> was purchased by 850,000 investors, totaling $8,946,930,000.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Notice that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a>. <a href="https://t.co/IvBLJKiSVw" target="_blank">pic.twitter.com/IvBLJKiSVw</a></p>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1661373346527817729?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 24, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Trader Peter Brandt and other experts echo similar sentiments, indicating that bitcoin&#8217;s descent on the price chart may persist. Brandt recently identified a developing &#8220;flag&#8221; pattern on a BTC chart, suggesting that a further correction could be expected. </p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="UK Inflation Data Causing PANIC | Bitcoin Holds" width="1020" height="574" src="https://www.youtube.com/embed/qzPJbUSzSMY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/bitcoin-becomes-second-largest-nft-chain-by-volume/" class="cn-block-related-link__link">
            Bitcoin becomes second-largest NFT chain by volume        </a>

    
</div>


<p>Bitcoin, trading at $26.200 as of press time, had dropped by 3.9% in price valuation within 24 hours of trading, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">according to stats</a> provided by CoinMarketCap.  </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="660" src="https://crypto.news/app/uploads/2023/05/image-63-1024x660.png" alt="Bitcoin analyst issues warning, dip below $24k could be inevitable - 1" class="wp-image-14161013"><figcaption class="wp-element-caption">BTC 24-hour chart | Source: <a href="https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noreferrer noopener">TradingView</a></figcaption></figure>



<p><a href="https://crypto.news/free-bitcoins/">Bitcoin’s</a> volatility levels are relatively moderate as the Bollinger bands, used in estimating market volatility levels, maintain an average distance away from each other.&nbsp;</p>



<p>The relative strength indicator also moves below its average line as bitcoin bears push for the oversold region.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/bitcoin-and-tether-accepted-by-chinese-fentanyl-chemical-vendors/" class="cn-block-related-link__link">
            Bitcoin and tether accepted by Chinese fentanyl chemical vendors        </a>

    
</div>

Bitcoin analyst issues warning, dip below $24k could be inevitable

crypto.news

Other articles published on May 24, 2023

Winklevoss twins advise UK not to follow US crypto stance

Nanjing unveils metaverse platform for local web3 development

AltSignals Continues to Take the Crypto World by Storm As Presale Passes $750k Milestone

Crypto Outflows Continue for 5th Week on Weak BTC Sentiment: CoinShares

Solana Leads the Blockchain Revolution with AI-Enhanced ChatGPT Integration

How Can Blockchain Help Fitness, Health, and Wellness Enthusiasts?

Join our free newsletter for daily crypto updates!