Ali Martinez and Michael Van de Poppe, one of the leading analysts of the crypto money market, analyzed the price of the leading cryptocurrency Bitcoin (BTC)! However, it was noteworthy that BTC whales attacked the market! Here are the details…
Popular analyst Martinez predicts a positive price action for Bitcoin!
Bitcoin (BTC) has recorded a significant growth since the beginning of the year; however, some of these gains have been lost in recent weeks, with the price falling from over $30,000 to just over $26,000, splitting many on future price action. Despite the price drop, crypto analyst Ali Martinez has spotted a buy signal on Bitcoin’s 4-hour chart. Martinez said that after detecting an emerging RSI bullish divergence formation, BTC could rally as high as $27,570, a potential increase of 4.5% from current levels.
Buy the dip!??
The TD Sequential shows a buy signal on #Bitcoin 4hr chart, while a RSI bullish divergence develops. If $BTC can hold above $26,000, expect an upswing to $26,860 or $27,570.
Failing to hold above this support level could trigger a downsing to $25,200 for #BTC pic.twitter.com/PmSxWXnEVC
— Ali (@ali_charts) May 12, 2023
However, the crypto expert said in a tweet on Friday, May 12 that BTC could swing either way depending on whether it can hold above the current $26,000 support level. Otherwise, Bitcoin could drop 4.49% to $25,200. The words of the expert are as follows:
The TD Sequential shows a buy signal on the Bitcoin 4-hours chart, while the RSI bullish divergence is developing. If BTC can hold above $26,000, expect a rise to $26,860 or $27,570. Failure to hold above this support level could trigger a drop to $25,200 for BTC.
So, what is TD Sequential? TD Sequential stands for a well-known technical analysis (TA) tool used to pinpoint the moment of trend exhaustion and possible price reversal.
Michael Van de Poppe explained the event behind Bitcoin’s fall!
Another well-known crypto analyst, Michael van de Poppe, said that Bitcoin is currently “showing signs of weakness” while altcoins continue to recover after a significant pullback. He believes that BTC needs to recover the $26,500-$26,800 price range before reaching long terms. Otherwise, the cryptocurrency could drop as low as $25,000. Instantly, Bitcoin is at $26,839.13, up 1.8% in the last 24 hours. The drop came amid a broader market sell-off triggered by a number of factors. One of them is the decrease in Bitcoin fees, which have reached very high levels recently. This decline is now leading to delayed selling by market participants.
In addition, according to the expert, the lower-than-expected inflation report may also have contributed to the sales, despite the initial rise from cryptocurrencies immediately after the release of the inflation data. Despite the recent price crash, Bitcoin has increased by nearly 60% since the beginning of 2023. The leading cryptocurrency Bitcoin (BTC) has seen a sharp recovery this year after a disastrous 2022 that sent crypto prices to their lowest level in years.
Bitcoin whales from the bottom are returning to the market!
On the other hand, the transmitted data revealed developments that whales, who had purchased Bitcoin at peak prices of $ 16,000 and $ 20,000 in the past, are starting to re-enter the market. According to analysts, this may indicate a potential bullish trend for the cryptocurrency market. According to the data, the stablecoin supply is on a steady decline and funds are leaving the cryptocurrency market. However, the last flow of funds at the end of 2022 and in March 2023 had contributed to the rise in Bitcoin prices.
Another noteworthy piece of data is that whales who bought Bitcoin at peak prices of $16,000 and $20,000 are now making a comeback. Analysts look at UTXO age bands and suggest that the probable purchase period could be between 1 month and 3 months.
Currently, the movements of the stablecoin supply in the current price range are closely monitored. Experts are also keeping a close eye on other on-chain movements to understand the future direction of the market.
While it is still too early to predict whether this trend will continue, the re-entry of these whales has created hope among Bitcoin enthusiasts. The recent drop in prices has also attracted investors who previously stood on the sidelines and waited for the right moment to enter the market. However, according to experts, the cryptocurrency market is showing signs of potential bullish momentum and the movements of stablecoin supply and other on-chain movements will play a crucial role in determining the future direction of the market.
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