Bitcoin Price Breaks $50,000, but Analyst Warns of Potential Correction
The Bitcoin price has recently surged above $50,000 for the first time since 2021, marking a strong performance. However, a popular crypto analyst on the X platform predicts that the coin may face bearish pressure in the near future.
Impending Correction Based on On-Chain Analysis
A prominent crypto analyst, Ali Martinez, has used on-chain indicators to analyze the Bitcoin price. The analysis reveals significant resistance between $51,099 and $52,582. If Bitcoin fails to reclaim the $52,000 level, it could experience an 8% correction. This would bring the price down to the $48,000 to $46,500 range.
Current Bitcoin Price and Market Overview
Currently, the Bitcoin price stands at around $51,650 with a slight dip in the past 24 hours. Despite this dip, Bitcoin has maintained most of its profits from the past week. In the last seven days, Bitcoin’s value has jumped by over 8% and has seen over 20% growth in February.
Bitcoin Surpasses $1 Trillion Market Capitalization
The recent price rise has pushed Bitcoin’s market capitalization above $1 trillion, solidifying its position as the largest asset in the cryptocurrency sector.
Hot Take: Potential Correction Ahead for Bitcoin
While Bitcoin has seen impressive gains in recent weeks, there are indications that a correction may be on the horizon. Analysts warn that if Bitcoin fails to reclaim key resistance levels and breaks below $52,000, an 8% decline could occur. This would bring the price down to around $46,500. Despite this potential correction, Bitcoin continues to hold strong above $50,000 and has maintained its profits from the past week. Keep a close eye on Bitcoin’s price movement in the coming days to see if this bearish pressure materializes.
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