An influential cryptocurrency analyst shared some hopeful news on Monday. Despite growing worries about a significant pullback, Bitcoin (BTC/USD) could be on the verge of a surge.
Ali Martinez, known for spotting chart patterns and making price predictions, pointed out that many influencers expect a price drop. He mentioned analysts like Sheldon The Sniper and Tone Vays, who think Bitcoin might dip below $90,000. Vays even ruled out the chance of Bitcoin hitting $100,000 in 2024.
Martinez observed that the crowd reacted to these bearish forecasts. Data from the analytics firm Santiment showed a spike in mentions of “BTC pullback” on social media. Interestingly, Martinez took a different view. He believes Bitcoin often moves against popular opinion.
He stated, “If the current cycle behaves like the last two, BTC could reach $120,000-$150,000 before the first 30% price correction.” However, he warned about two important support levels at $93,580 and $90,520. If those levels are breached, his bullish outlook could be invalidated.
This perspective comes during a pause in Bitcoin’s upward movement. Recently, the U.S. government transferred nearly $2 billion worth of Bitcoin to various addresses. While the reason for this transfer isn’t clear, such actions often make investors uneasy, as they might see it as a sign of selling pressure.
Data from IntoTheBlock revealed a significant 125% increase in large Bitcoin transactions over the past 24 hours. Additionally, the balance held by long-term Bitcoin holders has decreased, indicating that some are starting to cash out.
As of now, Bitcoin is trading at $95,507.14, marking a slight increase of 0.26% in the last 24 hours, according to Benzinga Pro.