Crypto Trader Issues Bitcoin Warning, Says BTC Flashed Potential Bull Market Top
A closely followed crypto strategist is warning that Bitcoin (BTC) may have already printed a bull market top.
Analyst Ali Martinez tells his 60,700 followers on the social media platform X that realized profits, or gains converted to cash, have historically coincided with Bitcoin market tops.
The analyst highlights that when Bitcoin hit a fresh all-time high of more than $73,000, realized profits soared to a new high and eclipsed levels witnessed during the 2018, 2021 and 2022 bull market tops.
“Last month, when BTC hit $73,880, realized profits skyrocketed to $3.52 billion. This could signal a potential BTC market top!”
Source: Ali Martinez/X
Martinez says that he needs another signal to confirm his bearish stance.
“Still, I’m waiting for another confirmation before calling a Bitcoin market top.
For instance, a sustained close below the BTC short-term holder realized price, which currently hovers around $59,800, can confirm a potential BTC market top.”
Source: Ali Martinez/X
But the analyst says his call will be invalidated if Bitcoin manages to reclaim a key price level.
“If Bitcoin can surge above $66,250 and reclaim this area as support, the bearish outlook will be invalidated…
By rising above $66,250, Bitcoin will gain the strength to push towards $69,150.
And if this resistance barrier is breached, then BTC can advance toward a new all-time high of $92,190.”
Source: Ali Martinez/X
At time of writing, Bitcoin is trading for $60,543, down more than 5% in the past day.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Trader Issues Bitcoin Warning, Says BTC Flashed Potential Bull Market Top appeared first on The Daily Hodl.