An analyst believes BTC may continue declining to a lower demand wall
Crypto trader and analyst Ali Martinez has taken to Twitter to share the reason why he believes Bitcoin price is likely to keep going down after losing slightly more than 3% over the past 24 hours.
The analyst tweeted that the leading cryptocurrency appears to be dropping from all main areas of support. This makes chances of a big correction higher – Bitcoin now may be heading down to an important demand wall located between the $23,200 and $24,000 levels.
This is where 850,000 investors purchased a whopping 340,000 BTC worth $8,946,930,000.
Notice that #Bitcoin appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 $BTC. pic.twitter.com/IvBLJKiSVw
— Ali (@ali_charts) May 24, 2023
Several major analysts, including the veteran trader Peter Brandt have recently stated that the flagship crypto is likely to continue going down the chart. Brandt tweeted earlier today that he had spotted a “flag” pattern forming on a BTC chart, which indicates a BTC correction may extend further.
Currently, Bitcoin is changing hands at $26,335, according to data from CoinMarketCap.