Bitcoin Has ‘High Probability’ Of Crashing Below $60,000 If It Stays Below This Level, Says Analyst, But The Fall Could Be Even Steeper
A renowned cryptocurrency analyst shared a cautious perspective on Bitcoin’s (CRYPTO: BTC) price on Sunday, hinting at a sharp drop from the current levels.
Big Drawdown Incoming For BTC?
Ali Martinez, known for scrutinizing chart patterns on-chain signals, said in an X post that if Bitcoin continues to trade below the Short-Term Holder Realized Price of $111,937, there’s a higher likelihood of it moving toward the Realized Price at $56,145 or even the Long-Term Holder Realized Price at $37,815.
The Short-Term Holder Realized Price, or STH, represents the average cost price of investors who have held their coins for less than 155 days, according to Glassnode. Similarly, the Long-Term Holder Realized Price is the average cost price of Bitcoin older than 155 days. These indicators often act as key resistance and support levels for Bitcoin.
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