2024

Bitcoin

April

<p>The post <a href="https://coinpedia.org/news/bitcoin-faces-critical-support-top-analyst-warns-of-price-drop-to-51-5k/">Bitcoin Faces Critical Support, Top Analyst Warns Of Price Drop To $51.5k</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin, the world’s most popular cryptocurrency, has experienced significant price movements recently, dropping from $70,083 to $61,730, marking a<a href="https://coinpedia.org/news/why-bitcoin-price-is-crashing-here-are-top-factors-influencing-btc-price/"> decrease of around 12%</a> within just one week.&nbsp;</p> 
<p>Amidst this volatility, crypto analyst Ali Martinez has provided bearish insights, suggesting that if Bitcoin fails to breach the $62,000 level successfully, it could lead to a decline toward the next significant resistance area of around $51,500.</p> 
<h2 class="wp-block-heading" id="h-martinez-s-bearish-outlook">Martinez’s Bearish Outlook</h2> 
<p>Martinez’s analysis focuses on the Unspent Transaction Output Realized Price Distribution (URPD), a metric used to gauge the distribution of Bitcoin based on the price at which the coins were last transacted.&nbsp;</p> 
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   <p lang="en" dir="ltr">According to the URPD, $62,000 is a crucial support zone for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. Losing this level could shift the focus to the next significant demand area around $51,500. <br><br>Conversely, if <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> climbs back above $66,250, it could significantly boost the chances of reigniting the bull run! <a href="https://t.co/20zwfktZkx">pic.twitter.com/20zwfktZkx</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1780370335273005138?ref_src=twsrc%5Etfw">April 16, 2024</a>
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<p>According to Martinez, the URPD suggests that $62,000 is a crucial support level for Bitcoin. If Bitcoin fails to hold above this level, Martinez suggests that the next significant demand area <a href="https://coinpedia.org/news/bullish-hope-continues-for-bitcoin-amidst-936-million-liquidation-says-popular-crypto-trader/">could be around $51,500</a>.&nbsp;</p> 
<p>This indicates that $62k is a critical level to watch for Bitcoin traders and investors, as a breach could potentially lead to further downside movement.</p> 
<p>On the other hand, Martinez points out a bullish scenario for Bitcoin. If the cryptocurrency manages to climb back above $66,250, a successful break above it could signal a bullish trend reversal.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-eye-for-80k-nbsp">Bitcoin Eye For $80k&nbsp;</h2> 
<p>Aligning with Martinez’s analysis, renowned crypto analyst Chimp of the North anticipates a period of consolidation for Bitcoin. During this phase, Bitcoin’s price may hover below a specific range low, fostering a sense of bearish sentiment among traders. Meanwhile, he predicts a further drop to around $52,000.</p> 
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   <p lang="en" dir="ltr">I wouldn't be very surprised to see something like this over the next few weeks.<br><br>Consolidation below the range low to get people bearish and call for 'the next stop at 52k'.<br><br>Then pump above said range low without giving a retest that people want.<br><br>Target: $80k.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/eud7qAN2DY">pic.twitter.com/eud7qAN2DY</a></p>— Chimp of the North (@cryptochimpanz) <a href="https://twitter.com/cryptochimpanz/status/1780136194568864003?ref_src=twsrc%5Etfw">April 16, 2024</a>
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<p>However, Chimp of the North proposes a twist in this narrative. He suggests that instead of fulfilling the anticipated retest of the range low, Bitcoin could experience a sudden pump, potentially <a href="https://coinpedia.org/price-analysis/bitcoin-price-enters-pivotal-zone-can-the-bulls-trigger-a-bullish-breakout-to-reach-80000/">propelling its price to $80,000</a>.</p> 
<p>This ambitious price level reflects the analyst’s bullish outlook on Bitcoin’s long-term trajectory, despite short-term fluctuations and consolidation periods.</p> 
<h3 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h3> 
<p>As of now, Bitcoin is trading at <a href="https://markets.coinpedia.org/bitcoin/?_gl=1*179h7s5*_ga*NTQzNDc3MzQ4LjE2OTcxODMzODc.*_ga_RE1GG3FGQW*MTcxMzMzMzM2MC4xNjIuMS4xNzEzMzMzNTIwLjIxLjAuMA..">$63,960.13, marking a 2.07%</a> increase in value over the last 24 hours. However, there’s been a notable decrease in trading volume, down by 13.5% to $39.7 billion. Despite this, Bitcoin’s market cap remains robust at 1.25 trillion.</p>

Bitcoin Faces Critical Support, Top Analyst Warns Of Price Drop To $51.5k

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