Prominent Analyst: "If Bitcoin (BTC) drops 'here', I'll buy too"

▲ Bitcoin (BTC)

A warning has been issued that Bitcoin (BTC) could fall to $46,000 if it fails to overcome the large sell wall accumulated at $63,000 and even breaks below $59,000. A famous cryptocurrency analyst identified $49,867 as the key price level for direct buying.

According to the cryptocurrency specialized media TheStreet on July 9 (local time), crypto analyst Ali Martinez pointed to a large concentration of sell orders at $63,000 as the reason Bitcoin is failing to break through that price point. Approximately 623,000 BTC were traded around $63,000 in the past, suggesting that a large volume of sell orders from holders who have reached their break-even point could flood the market.

Martinez said, "If Bitcoin fails to break $63,000 and even loses $59,000, the next major support zone appears in the trading history." The first support line is $46,000, where 115,000 BTC were traded, and if it falls further, $37,870, where 206,000 BTC transactions are concentrated, is presented as a stronger lower support line.

The price Martinez is actually considering for buying is $49,867. Based on the Market Value to Realized Value (MVRV) price range, Bitcoin is currently staying between the minus 0.5 and minus 1.0 ranges, making it difficult to find clear price judgment criteria for either an upward or downward trend.

The minus 1.0 MVRV range is formed at $49,867. Martinez stated, "If Bitcoin reaches that price, I will consider it a strong buy signal and a key accumulation zone," adding, "Looking at the MVRV price range, Bitcoin is trapped in an area where it is difficult to determine its direction."

Approximately 623,000 BTC trading volume is concentrated at $63,000, and below $59,000, $46,000 and $37,870 are presented as major support lines. Martinez identified $49,867, located between these two prices, as the key accumulation price level based on MVRV.

[Article Key Summary]

-Around $63,000 for Bitcoin, approximately 623,000 BTC were traded in the past, suggesting that a large volume of sell orders could emerge.

-If $59,000 collapses, $46,000 and $37,870 are presented as the next major support lines.

-Ali Martinez identified $49,867, the minus 1.0 MVRV range, as a strong buy signal and a key accumulation price level.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*