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Crypto Trader Issues Bitcoin Warning, Says BTC Flashed Potential Bull Market Top

A closely followed crypto strategist is warning that Bitcoin (BTC) may have already printed a bull market top.

Analyst Ali Martinez tells his 60,700 followers on the social media platform X that realized profits, or gains converted to cash, have historically coincided with Bitcoin market tops.

The analyst highlights that when Bitcoin hit a fresh all-time high of more than $73,000, realized profits soared to a new high and eclipsed levels witnessed during the 2018, 2021 and 2022 bull market tops.

“Last month, when BTC hit $73,880, realized profits skyrocketed to $3.52 billion. This could signal a potential BTC market top!” 

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Source: Ali Martinez/X

Martinez says that he needs another signal to confirm his bearish stance.

“Still, I’m waiting for another confirmation before calling a Bitcoin market top.

For instance, a sustained close below the BTC short-term holder realized price, which currently hovers around $59,800, can confirm a potential BTC market top.” 

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Source: Ali Martinez/X

But the analyst says his call will be invalidated if Bitcoin manages to reclaim a key price level.

“If Bitcoin can surge above $66,250 and reclaim this area as support, the bearish outlook will be invalidated…

By rising above $66,250, Bitcoin will gain the strength to push towards $69,150.

And if this resistance barrier is breached, then BTC can advance toward a new all-time high of $92,190.”

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Source: Ali Martinez/X

At time of writing, Bitcoin is trading for $60,543, down more than 5% in the past day.

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The post Crypto Trader Issues Bitcoin Warning, Says BTC Flashed Potential Bull Market Top appeared first on The Daily Hodl.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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