Experienced Analyst Shared the Critical Level in Bitcoin Price: “If It Falls Below This Level, Free Fall May Occur”
Cryptocurrency analyst Ali Martinez evaluated the current state of Bitcoin in his latest statements.
According to Martinez, the Bitcoin price should not fall below the $92,730 level, if a drop below this level occurs, a free fall may begin for the BTC price.
However, the analyst also explained the conditions under which this bear thesis would be invalidated. According to the analyst, the bear scenario could be shelved in the event of sustainable closes above $97,300 and, more critically, a daily close above $100,000.
At the time of writing, the BTC price is trading at $94,379.
Despite this, the analyst continues to hold bullish views. Martinez argued in his post that a 20% to 30% drop in BTC price is one of the most bullish events that could happen to Bitcoin.
In addition, the analyst, who also touched on the altcoin world, thinks that the Chainlink (LINK) price could drop to $ 14 if the Head and Shoulders Formation is confirmed. At the time of writing, the LINK price is trading at $ 21.92.
*This is not investment advice.
