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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-price-consolidation-and-analysts-key-level-indicators/" data-wpel-link="internal">Bitcoin’s Price Consolidation and Analysts’ Key Level Indicators</a> 
Last week, after a strong rally, the price of <a href="https://en.coin-turk.com/cryptocurrency-analyst-pentoshi-forewarns-of-market-downturn-and-bnbs-future/" data-wpel-link="internal">Bitcoin</a> (BTC) began to consolidate around $52,000. This situation has left the largest cryptocurrency’s investors uncertain about its next move. Currently, there is a divergence of opinions among analysts; while some predict Bitcoin will reach an all-time high by the end of March, others expect a pullback to around $48,000 before another upward trend. 
<h2 style="text-align: justify" id="strong-analyst-marks-key-levels-for-bitcoin-strong">Analyst Marks Key Levels for Bitcoin</h2> 
Prominent cryptocurrency analyst Ali Martinez has identified the fundamental support and resistance levels on the 10-minute chart by examining Bitcoin’s short-term price movements. Martinez emphasizes the importance of these levels, suggesting that Bitcoin’s next trajectory will largely depend on its ability to sustainably surpass these boundaries. 
According to Martinez, the first critical level for Bitcoin is $51,700, and maintaining this support trend line is dependent on surpassing the resistance trend line at $52,515 on the 10-minute chart. It’s worth noting that the analyst used the TD Sequential indicator, a tool often employed to identify potential trend reversals. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-316967" src="https://coin-turk.com/wp-content/uploads/2024/02/Bitcoin-BTC-Analiz.jpeg" alt="" width="2048" height="946"> 
While short-term investors may be developing strategies for potential corrections, Martinez advises investors to focus on the bigger picture and adopt a long-term perspective. Simply acquiring Bitcoin, securely storing it in personal wallet addresses, and aiming to sell near the peak within a 6 to 18-month timeframe could be a simple yet profitable strategy amidst market fluctuations. 
The use of Elliott Wave analysis, which identifies recurring wave patterns in the markets, points to a potential pullback for Bitcoin to around $40,000, followed by a jump towards approximately $70,000. 
<h2 style="text-align: justify" id="strong-significant-activity-in-the-options-market-strong">Significant Activity in the Options Market</h2> 
On the other hand, the options market is indicating a surge of enthusiasm among investors as the volume of BTC has exceeded $10 billion for the first time since July 2022. Despite rapid price increases, cautious approaches are also emerging. Leading crypto options exchange Deribit reports that Bitcoin call spreads are currently among the most preferred investment strategies, suggesting expectations of further price increases. 
According to Caroline Mauron, co-founder of digital asset derivatives liquidity provider Orbit Markets, the options market is pricing the probability of Bitcoin reaching an all-time high before the block reward halving at approximately 20% to 25%. This estimate seems to align with fair expectations that reflect a balance between market optimism and realism. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-price-consolidation-and-analysts-key-level-indicators/" data-wpel-link="internal">Bitcoin’s Price Consolidation and Analysts’ Key Level Indicators</a></h5>

Bitcoin’s Price Consolidation and Analysts’ Key Level Indicators

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