Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In a recent analysis, renowned crypto analyst&nbsp;<a href="https://x.com/ali_charts/status/1736680326141816895?s=20" rel="noopener noreferrer nofollow">Ali Martinez</a> sounded the alarm as&nbsp;<a href="https://u.today/bitcoin-btc-price-to-1-million-is-arthur-hayes-next-target" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> slipped below a critical supply zone, ranging from $41,200 to $42,400.&nbsp;
Martinez, utilizing on-chain data from IntoTheBlock, highlighted that 1.87 million addresses, holding a substantial 730,000 BTC, were accumulated in this precarious territory.
The downturn has raised concerns about potential sell-offs as holders may seek to cut losses, increasing selling pressure. Martinez forewarns of a potential decline to the next demand zone, situated between $37,500 and $38,700, where 1.28 million addresses hold 553,000&nbsp;<a href="https://u.today/sec-denial-of-bitcoin-etf-might-result-in-one-of-biggest-crypto-rugpulls-analyst-predicts" rel="noopener noreferrer nofollow">BTC</a>. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="e4f4593d-199e-4213-9248-7f3bf52040ee" src="https://u.today/sites/default/files/inline-images/GBnsVQVWMAEutw0.jpeg">Source: <a href="https://x.com/ali_charts/status/1736680326141816895?s=20" rel="noopener noreferrer nofollow">Ali Martinez's X</a>
Despite these warnings, a twofold situation emerges. Martinez's analysis reveals that buyers in profit are concentrated at levels approximately 7% below current market levels.&nbsp;
The question then arises: If holders at a loss begin selling, triggering a pullback to $38,700, will buyers show interest in this chaotic market where unexpected "black swan" events are always a possibility?
<h2 dir="ltr" id="gap">Gap</h2>
Adding to the cautionary outlook, another market indicator, the&nbsp;<a href="https://u.today/crucial-bitcoin-btc-metric-to-watch-in-drive-toward-bull-cycle" rel="noopener noreferrer nofollow">Bitcoin</a> futures chart on the CME, points toward a potential fall. A gap, ranging from $39,640 to $40,325 per BTC, was formed in early December, and such gaps are generally expected to be closed, according to common sense. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="21b2af39-6209-4b8c-b083-c8723c5f8cf8" src="https://u.today/sites/default/files/inline-images/BTC1%21_2023-12-18_14-14-46.png">Source: <a href="https://www.tradingview.com/x/w9rBErpD/" rel="noopener noreferrer nofollow">TradingView</a>
If history repeats itself, this gap could be filled as part of a bearish move, reinforcing the possibility of a descent to the $37,500 mark.
Bulls are holding tight, but the looming challenges may put their resilience to the ultimate test.

Bitcoin Price Prediction: Bulls Hold Tight as Top Analyst Eyes $37,500 per BTC

Table of Contents

U_Today

Other articles published on Dec 18, 2023

Fund Inflows Stopped in Bitcoin for 11 Weeks! Institutional Investors Turned to Altcoins: This Al...

EU Allocates Over €760 Million To Build Cloud, Data, And Cybersecurity Projects

FTX’s Restructuring Plan and the Future of the Exchange

DASH Price Analysis: Dash is Near $30 Crucial Support; What Next?

Crypto Loans Rebound to $581M in 2023, Reflecting 55%+ Growth

Solana-based Aurory exploited, 80% of liquidity lost

Join our free newsletter for daily crypto updates!