By Finbold | Created at 2024-11-26 14:32:01 | Updated at 2024-11-26 16:34:21
2 hours ago
On Tuesday, November 26, Bitcoin (BTC) yet again demonstrated a timeless truth to the saying that ‘pride comes before the fall.’
Indeed, after making a remarkable climb from about $68,000 on November 5 to November 22 highs above $99,000, BTC has entered a period of volatility and decline.
Following a brush with a collapse over the weekend, the world’s premier cryptocurrency almost reclaimed $99,000 on Monday but again plunged one day later to its press time price of $92,146, down 5.6% in the last 24 hours.
BTC 7-day price chart. Source: FinboldAmidst the turmoil, the prominent cryptocurrency analyst Ali Martinez issued a dire warning: Bitcoin is in danger of an even greater collapse to $85,610 should it fail to keep the critical support level at $91,583.
Martinez makes a dire prediction for Bitcoin’s next move
It is noteworthy that Martinez warned of the coming BTC correction days ahead of the current downturn.
Specifically, on November 23, the expert made an X post explaining that the technical analysis tool known as TD Sequential was hinting at an imminent drop with the potential for the sell signal to be invalidated should Bitcoin reach $100,535 or to lead to a fall to $85,610 should it fall below the aforementioned $91,583.
Furthermore, despite the original alert being somewhat old at press time, it is possible the price drop was delayed over the weekend by the buying pressure that emerged from MicroStrategy’s (NASDAQ: MSTR) $5 billion BTC purchase.
Still, Ali Martinez has also strongly hinted that the correction will be temporary and described the current situation in the cryptocurrency market as something of an early Black Friday discount.
Bitcoin price chart analysis
Whether Bitcoin truly tumbles toward $85,000 or quickly regains its upward momentum, it is important to put the most recent price action into perspective. Indeed, even the plunge to the current low target would still mean BTC is 32.57% above its November 1 price and 108.62% above its January 1 value.
BTC YTD price chart. Source: FinboldIn total, even with the current slump, the world’s premier cryptocurrency remains 124.22% in the green in the year-to-date (YTD) chart.
Featured image via Shutterstock
