MEXCBitcoin News: BTC Price Risks Dropping To $74,000 If This Happens
Highlights
- In a recent Bitcoin news, crypto analyst Ali Martinez predicted that BTC price could drop to as low as $74,400 if it loses $92,180.
- The analyst suggested that the Bitcoin bottom isn't in.
- Bitcoin whales have continued to make their moves amid this market downtrend.
In a recent Bitcoin news, crypto analyst Ali Martinez provided a bearish outlook for the BTC price, revealing that the flagship crypto is still at risk of dropping to lower levels. He mentioned the crucial support level Bitcoin needs to hold above to avoid further downtrends.
Bitcoin News: BTC Price Risks Dropping To As Low As $74,000
In an X post, Ali Martinez mentioned that the BTC price risks dropping to as low as $74,400 if it breaks below $92,180. The analyst explained that $92,180 is now one of the most critical support levels for Bitcoin based on the market value to realized value (MVRV) pricing bands.
In line with this, he remarked that if this level breaks, $74,400 becomes the next target for the Bitcoin price. In another X post, the analyst suggested that the flagship crypto could still drop lower, even if it doesn’t get to the $74,000 price target.
Martinez noted that despite the recent price correction, Bitcoin traders still hold a 3.36% profit margin. He said that since 2022, local bottoms have typically formed when the profit margin drops below -12%. According to him, this suggests that there could be more room for downside before a true bottom is in.
The crypto market is currently in the red as the Bitcoin price slumped to as low as $91,000 today. However, in another Bitcoin news, the renowned author and finance expert also provided some optimism for market participants. He suggested that this downtrend should be seen as an opportunity to accumulate coins, as Bitcoin and other cryptocurrencies are bound to rally further.
BTC Whales Make Their Move
Amid this crypto market crash, Bitcoin whales are making their moves. Whale Alert data showed that an investor moved 1,590 BTC from the Cumberland trading platform. Another whale moved 687 BTC from the top crypto exchange Kraken to an unknown wallet.
Another whale transferred 700 BTC from Kraken to an unknown wallet, while one other investor transferred 850 BTC to Binance to Kraken. Kraken was also at the center of this whale movement as another whale transferred 568 BTC from Kraken to an unknown wallet.
Possibility Of A Price Rebound
Amid this recent Bitcoin news, crypto analyst Rekt Capital has raised the possibility of the Bitcoin price rebounding above $100,000 in the short term. In an X post, he mentioned that the BTC price has developed a new CME gap on this recent pullback. He further revealed that this CME gap is located between $98,395 and $102,020.
Despite the price correction, crypto analyst CrediBULL Crypto mentioned that he loves the strength of the Bitcoin price. He added that he can’t emphasize how bullish this is for BTC in this context. The analyst remarked that he would continue to monitor the price action and look for signs of the next impulse beginning.
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