Popular analyst warns of Bitcoin decline and announces levels to watch!

BTC has experienced successive corrections as investors wait for Bitcoin’s rally, which has had a good run over the past few weeks, to continue.

How long this correction will continue is still a matter of curiosity, but popular analyst Ali Martinez has put up a new post.

The analyst said Bitcoin’s network growth has declined noticeably at this point, raising concerns about the sustainability of its upward momentum.

The analyst said that it is very important for the number of BTC addresses to increase to continue the bullish movement against this downward trend.

“Bitcoin network growth has declined significantly, delaying BTC’s recent move to $44,000 and raising doubts about its sustainability.

For the bull market to continue strong, it is critical that the number of new BTC addresses increase. “This increase will provide the necessary support for sustainable upward momentum.”

There was a noticeable decline. #Bitcoin Network growth has been sluggish over the past month, raising questions about its sustainability. $BTCThe price recently rose to $44,000.

For the bull rally to continue strongly, it is important to see an increase in new buying. $BTC courtship. This will provide… pic.twitter.com/WkrjxLkZMI

— Ali (@ali_charts) December 18, 2023

“Bitcoin decline may continue!”

The analyst also warned of downside risks for BTC in his next post, saying that if selling pressure increases, Bitcoin risks falling between $37,500 and $38,700, the next demand area.

“Bitcoin fell below the key supply zone between $41,200 and $42,400. In this area, 1.87 million addresses accumulated 730,000 BTC.

This decline may cause investors to sell to cut their losses.

At this point, increased selling pressure is likely to push the price towards the next demand zone, i.e. between $37,500 and $38,700. That’s why investors need to be careful about these downside risks.”

#Bitcoin It fell below the key supply zone in the $41,200-$42,400 range. There are 1.87 million addresses in this area, with a total of 730,000 addresses. $BTC.

This economic downturn may force these holders to sell to reduce their losses.

If selling pressure increases, look for possible downside… pic.twitter.com/aTX1Rarkb

— Ali (@ali_charts) December 18, 2023

As of this writing, Bitcoin continues to trade at $40,713.

*This content is not investment advice.