Crypto analyst Ali Martinez stated that Bitcoin (BTC) cannot hold on to the $ 36,400 support and could drop to $ 30,000.
BTC and altcoins have achieved remarkable increases in the last two months. News that Bitcoin spot ETFs are close to approval has sent the BTC price higher. BTC has increased by nearly 40 percent since September. On the other hand, many altcoins have nearly doubled since September.
In the last few months, when the market has been positive, bullish rhetoric has increased. However, rumors that a decline was imminent began to increase. Crypto analyst Ali Martinez pointed out 30 thousand dollars for BTC in his post on the X platform.
Signs of decline have begun: It pointed to 30 thousand dollars!
Popular crypto analyst Ali Martinez stated that Bitcoin (BTC) has formed a stable support zone at $ 36,400, but a possible breakout could exacerbate the decline.
The analyst predicted that in a possible bearish scenario, BTC would first drop to $34,300 and then experience a final retreat to $30,000.
#Bitcoin has found stable support around $36,400, but if this level breaks, the next critical demand zones for $BTC are at $34,300 and $30,200. pic.twitter.com/5yY6fwbVq3
— Ali (@ali_charts) November 14, 2023
Martinez stated that the two support zones he identified were the levels where potential buyers concentrated. According to the analyst, strong corporate buying seems likely, especially around $30,000.
The possibility that Bitcoin spot ETFs could be approved at any time and the positive divergence of the market had targeted the BTC price to 40 thousand dollars. However, rumors that consumer inflation to be announced in the USA would be below expectations changed things. Inflation expectations started to reduce the BTC price. BTC has fallen nearly 2 percent in the last 24 hours. The leading cryptocurrency dropped from 37 thousand dollars to 36 thousand 200 dollars.
The news losing its impact, ETF expectations being pre-priced, and altcoins being overinflated are increasing bearish expectations. Many opinions are adamant that BTC will drop to $30,000. If such a decline scenario occurs, altcoins may also experience declines of 10 to 30 percent.
