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A top trader and on-chain analyst has issued a critical Bitcoin (BTC) warning. Ali Martinez, renowned for his insightful analysis of the market, has predicted that the BTC price may be heading toward a massive crash. He took to X (formerly Twitter) to warn his 70.1K followers about the dark times ahead.
Martinez explained that the TD Sequential indicator on the two-month price chart has given a major sell signal for Bitcoin. He is now anticipating a price correction and revealed that if BTC loses the crucial $51,000 support level, one of the biggest Bitcoin crashes could happen.
This crash, according to the analyst, may take the Bitcoin price toward the $40,600 price level. It appears that BTC is in a make-or-break situation right now. While the market has witnessed multiple price corrections in the last few months, a drop below $51,000 could wreak havoc for BTC and eventually the broader market.
In another tweet, Ali Martinez shared that Bitcoin traders need to keep an eye on the $68,000 trend line. He said that unless the coin breaks this level, more dips will keep coming. This analysis supports Martinez’s previous tweet, and it seems that all indicators are pointing toward additional BTC price dips.
Bitcoin faces intense bearish pressure
The Bitcoin price saw a dip of 4.65% in the last 24 hours as it currently trades at $56,526. The price is already down 7.15% over the last 30 days, which means that this bearish sentiment has sustained for a longer period. It appears that BTC has entered a chop phase as it keeps on dipping.
There were $52.55 million in liquidations for Bitcoin in the last 24 hours. Traders have been hard hit by the continuous price dips, and Martinez’s analysis hints at more losses for them. However, nothing is too predictable in the volatile world of crypto. Bearish signals are emerging, but Bitcoin may still rebound like it has done in the past.
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