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- 🎉 A Warm Welcome to Dr.Han on Gate Square!
Dr.Han — Founder of Gate and a seasoned crypto industry observer — is now officially sharing insights on Gate Square!
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- 🔥 Gate Square #Gate Alpha Third Points Carnival# Trading Sharing Event is Live!
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- 🎉 Gate xStocks Trading is Now Live! Spot, Futures, and Alpha Zone – All Open!
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1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
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📅 July 3, 7:00 – July 9,
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🔹Follow Gate_Square
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📅 Ends at 16:00 PM, July 7 (UTC)
Will the next move in Bitcoin price bring a record, or is a correction on the way? The analyst outlined two price scenarios!
Crypto market analyst Ali Martinez, in his latest assessment, predicted the next move for Bitcoin (BTC).
With the BTC price being at a critical price threshold, Martinez first questioned whether an all-time high or a correction would occur first. According to the analyst, after the 42% rally experienced last month, the BTC price has faced a key resistance area at $107,000. Martinez added that this level has historically been a turning point.
However, the analyst argued that the current momentum has become excessively tense, the RSI data on the daily chart indicates that BTC is in the overbought zone, and this is a situation we encounter during short-term declines.
The analyst, warning about a pullback, also stated that BTC whales have sold around 30,000 coins, which means that profit-taking is happening at the current levels.
According to the analyst, if selling pressure increases, the area between 95,850 dollars and 98,730 dollars will be a support zone that must be maintained for BTC. Martinez noted that a breakout from these levels could result in a deeper correction for BTC.
On the bull side, the analyst claimed that if the Bitcoin price manages to stay above the mentioned level, it could enter a consolidation period and gather strength for a rise towards the next major target of $116,900.