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Bitcoin (BTC) Plunges Toward $47K, Top Analyst Predicts
Mushumir’s Ass
Cryptocurrency analyst Ali Martinez shared interesting outlook on the price of Bitcoin
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The price of Bitcoin (BTC) was expected to plunge near the $47,000 mark. This comes amid the ongoing cryptocurrency bloodbath. The total cryptocurrency market cap has dropped 5.16% in the past 24 hours, currently sitting at $2.02 trillion.
It is seen as one of the worst cryptocurrency market drummers in the recent past. The price of Bitcoin has also been struggling lately. At the time of writing this story, BTC is trading at $55,576, a 3.69% decline over the past day. However, it has fallen 21.66% over the past 30 days.
Surprisingly, it seems that this Bitcoin crash is not going to end yet. Renowned cryptocurrency market expert Ali Martinez has shared his crucial insights into the price action of BTC. He tweeted that the largest coin in the market has no major support level.
Bearish Sentiment Looms Over Bitcoin
Martinez predicted that BTC will have a key demand zone around the $47,000 area. This means that the coin is likely to reach this price level during the current market crisisHowever, Martinez also explained a possible recovery scenario.
According to him, the price of Bitcoin needs to close and stay above the $61,000 level to resume its upward run. Although this seems like a far-fetched scenario considering the current scenario, it can never be ruled out. If the bulls try to take control, Bitcoin can trigger this potential bounce.
However, the cryptocurrency community does not seem too optimistic about it. No one expected the current crash, as the market was expecting a major bull run after the recent BTC halving event. Traders were also optimistic after the approval of Bitcoin Spot ETFs earlier this year.
To their dismay, Bitcoin has failed to spark a major bull run. While it has been consolidating in recent weeks, this week has brought a broader bloodbath to the cryptocurrency space. But such volatility is expected from Bitcoin and other coins. So, anything can happen and we may yet see the long-awaited Bitcoin rally later this year.
About the author
Mushumir’s Ass
With over three years of immersive experience in the cryptocurrency industry, Mushumir is a seasoned crypto writer committed to unraveling the intricacies of blockchain technology and decentralized finance. From analyzing the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insights and communication flair to the cryptocurrency space. Having written countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and newcomers to the cryptocurrency industry.