Analyst Predicts Bitcoin Could Plunge Back To $51,000 On Wedge Pattern Breakdown
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Bitcoin is showing signs of recovery towards $57,000 after a recent 20% drop, but a rising wedge pattern suggests a potential decline to $51,000. Technical analyst Ali Martinez highlights crucial support at $54,000. Another analyst, Rekt Capital, notes upcoming resistance and CME gaps. Market metrics from CryptoQuant's Ki Young Ju suggest the bull market remains intact with increasing hashrate and institutional accumulation. Reduction in long-term holders' selling pressure also indicates positive market sentiment.
Source: www.newsbtc.com ↗
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