Bitcoin

Resistance

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-price-movements-2/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential Price Movements</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/is-the-decline-over-there-are-2-critical-levels-for-cryptocurrencies/" data-wpel-link="internal">Bitcoin</a>‘s (BTC)</strong> price shows two opposing signals. One scenario could lead to a higher price. However, if the other occurs, crypto holders may face a price drop. Crypto analyst Ali Martinez shared insights on social media platform X in two different posts. In his first post, Ali Martinez noted that Bitcoin formed an asymmetric triangle on the 4-hour chart and the price could jump to $74,400.</p> 
<h2 id="analyst-warns-of-bitcoin-resistance">Analyst Warns of Bitcoin Resistance</h2> 
<p style="text-align: justify">However, the expert has one condition. The expert’s prediction can only come true if <strong>Bitcoin</strong> closes above the $69,330 resistance. An asymmetric triangle appears when two trend lines with opposing slopes converge. In this case, a close above the upper resistance could lead to a breakout. On the other hand, if the price falls to support, a significant correction could follow. At the time of writing, Bitcoin is trading at $69,031. This could mean it is close to the resistance point.</p> 
<p style="text-align: justify">The analyst’s second post focused on the Tom DeMark (TD) sequence. According to the expert, this indicator had shown a sell signal that could drop BTC to $68,050. Again, he noted that the token’s next direction depends on the resistance, as previously mentioned. Beyond these technical <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, it is also important to look at Bitcoin’s price movement from an on-chain perspective. The analyst then discussed one of the metrics he examined, CDD. This measurement shows how much long-term cryptocurrencies have moved in large quantities. If CDD is high, <strong>BTC</strong> can become extremely volatile, and selling pressure can cause a price drop.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-359335 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/bitcoin.jpg" alt="" width="990" height="592"></p> 
<h2 id="critical-data-on-btc">Critical Data on BTC</h2> 
<p style="text-align: justify">At the time of writing, CDD had dropped to 4.55 million. In this case, long-term cryptocurrencies are not moving as participants continue to hold. If this situation continues, the $74,400 rise prediction could prevail over the potential drop to $68,050. The expert also examined the liquidation heat map to support the mentioned point. The heat map can help <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> identify high liquidity areas. According to the analyst, if there is a magnetic field, the price may rise in that direction.</p> 
<p style="text-align: justify">At the time of writing, there is a high liquidity level at $70,300, which could indicate that <strong>Bitcoin</strong> can reach this price. If this scenario occurs, it could lead to a breakout towards $74,500, where another magnetic region is located. However, if the uptrend is rejected, Bitcoin could fall to $65,050. But according to the expert, based on the analyzed data and metrics, BTC seems likely to rise above $74,000.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-price-movements-2/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential Price Movements</a></h5>

Analyst Predicts Bitcoin’s Potential Price Movements

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