The cryptocurrency market is struggling to catch a new momentum. The leading crypto Bitcoin managed to rise above $ 97,000 with a strong move. However, a popular crypto analyst is issuing a warning about BTC. The analyst also predicts explosive moves for an altcoin on his radar.
Analyst warns for Bitcoin: A collapse to this level is possible!
As you follow from Kriptokoin.com, the market has had a very volatile outlook in recent days. Leading crypto Bitcoin managed to rise above $ 97,000 after sagging to $ 93,000. However, it remains unclear whether it can maintain this momentum. Amid these developments, veteran analyst Ali Martinez predicts that if Bitcoin loses an important support range, it will fall more than 24% from its current value. The analyst looks to the Unspent Trade Output (UTXO) Realised Price Dispersion (URPD) model to identify key support levels. UTXO tracks the number of existing coins that last moved within a given price range. In this context, the analyst makes the following statement:
The key support zone for BTC currently lies between $97,041 and $93,806. If this critical demand area does not hold, we could see a sharp drop to $ 70,085, as there is minimal support below.
These levels are critical for Bitcoin!
The analyst also says that the cost-based distribution metric, which shows how much Bitcoin is bought at different price levels, shows that people who buy BTC over $ 90,000 are largely holding for now. Based on this, the analyst shares the following assessment:
The most important support threshold for Bitcoin is between $ 99,000 and $ 97,000 according to the cost base distribution. We don’t really want this level to become resistance. The supply bought between $ 97,000 and $ 99,000 has not yet been sold. Therefore, you should expect a decisive move that will encourage anyone buying at this level to sell, which will confirm that the support level has been broken.
According to Ali Martinez, the next target for ADA is $ 6!
The analyst discusses Cardano (ADA) after Bitcoin. Martinez says ADA has the potential to repeat a similar pattern in the 2020 cycle. He also notes that it is possible that it could soon increase by more than 597% from its current value. Meanwhile, ADA was trading at $ 0.9366 at the time of writing, up 7.57% in the last 24 hours. The analyst points to the following target for ADA:
Cardano is following a pattern eerily similar to its previous cycle. In 2020, the first major correction after the bull rally began occurred at the same time as the correction we are experiencing today. $ 6 is next!
The opinions and forecasts in the article belong to the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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