Bitcoin (BTC) persists to show indications of weakness as the Bitcoin price declines further all the way closer to $26,000. As of press time, Bitcoin (BTC) is trading 3.5 percent down at a price of $26,303 with a market capitalization of $511 billion.
Amid the present downward spiral, Bitcoin (BTC) has been breaking under critical support levels it demonstrates that the correction is far from over and there is more pain ahead. As per trending cryptocurrency analyst Ali Martinez, there is a likelihood of the Bitcoin price dropping all the way to $23,000. In his recent tweet, Martinez writes:
“Notice that # Bitcoin (BTC) seems to be losing all major areas of support. This increases the potential of a correction to the following important demand wall betwixt $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 BTC”.