Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Crypto trader and analyst Ali Martinez has taken to Twitter to share the reason why he believes Bitcoin price is likely to keep going down after losing slightly more than 3% over the past 24 hours.
The analyst tweeted that the leading cryptocurrency appears to be dropping from all main areas of support. This makes chances of a big correction higher – Bitcoin now may be heading down to an important demand wall located between the $23,200 and $24,000 levels.
This is where 850,000 investors purchased a whopping 340,000 BTC worth $8,946,930,000.
Notice that #Bitcoin appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 $BTC. pic.twitter.com/IvBLJKiSVw— Ali (@ali_charts) May 24, 2023
Several major analysts, including the veteran trader Peter Brandt have recently stated that the flagship crypto is likely to continue going down the chart. Brandt tweeted earlier today that he had spotted a “flag” pattern forming on a BTC chart, which indicates a BTC correction may extend further.
Currently, Bitcoin is changing hands at $26,335, according to data from CoinMarketCap.