Ali Martinez noted that a bearish head and shoulders pattern has begun to form on the Bitcoin chart – one of the signs of a possible trend change. The expert also drew attention to the general decrease in on-chain activity, including the number of addresses, transaction volumes and actions of large holders of the first cryptocurrency.
“The chart shows that a price correction to the level of $90,000 is possible,” the analyst said.
Martinez added that it is necessary for the above indicators to show a surge – only in this case can we say that the upward trend of Bitcoin will continue in the medium term. However, even if the quotes of the first cryptocurrency fall below $90,000, this will not lead to panic in the market.
Earlier, QCP Capital analysts said that despite Bitcoin’s correction below $95,000 after reaching peak values, institutional investors’ interest in the first cryptocurrency remains.
Source: Bits
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