Bitcoin Hinges On This Key Support Level, Says Analyst: 'Could Significantly Boost The Chances Of Reigniting The Bull Run'

Benzinga Neuro

April 16, 2024

Cryptocurrency analyst Ali Martinez has highlighted the critical support levels for Bitcoin (CRYPTO: BTC). This comes amid a period of volatility in the crypto market.

What Happened: Martinez took to X to share his insights on the current state of Bitcoin. He noted that the $62,000 level is a crucial support zone for the cryptocurrency. Should Bitcoin fail to maintain this level, the focus could shift to the next significant demand area, approximately $51,500.

On the other hand, Martinez also pointed out a potential trigger for a bullish trend. If Bitcoin manages to climb back above $66,250, it could significantly boost the chances of a resurgence in the market.

Ali in his post wrote, “According to the URPD, $62,000 is a crucial support zone for #Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500. Conversely, if $BTC climbs back above $66,250, it could significantly boost the chances of reigniting the bull run!”

According to the URPD, $62,000 is a crucial support zone for #Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500.

Conversely, if $BTC climbs back above $66,250, it could significantly boost the chances of reigniting the bull run! pic.twitter.com/20zwfktZkx
— Ali (@ali_charts) April 16, 2024

The UTXO Realized Price Distribution (URPD) illustrates the prices at which the current pool of Bitcoin Unspent Transaction Outputs (UTXOs) was generated. In simpler terms, each bar represents the quantity of Bitcoin that was last transacted within a particular price range, according to CryptoSlate.

See Also: ‘I’m Liquidated Again … Bye For Good:’ Mad Crypto Alpha With Ivan

Why It Matters: The cryptocurrency market has been experiencing significant fluctuations. Despite this, the long-term potential of Bitcoin has not been discounted. A recent report highlighted the historical performance of Bitcoin, which has been the top-performing asset in eight out of the last eleven years, delivering an annualized return of 124% from 2013 to 2023.

However, some experts have urged caution. A 10x Research report advised caution considering the sell-off ahead of the Bitcoin halving, suggesting that the recent drop, which occurred within a narrowing symmetrical triangle, could lead to a quick +/-10% follow-through.

Meanwhile, prominent cryptocurrency trader Altcoin Sherpa shared insights on Bitcoin’s potential trajectory, anticipating new all-time highs down the line for the crypto king.

Renowned crypto analyst Benjamin Cowen has also suggested that Bitcoin's recent 16% drop could potentially lead to a more significant decline, drawing parallels with previous market cycles.

Price Action: Bitcoin is currently trading at $64,053, marking a modest increase of 0.47% over the past 24 hours. Its year-to-date performance has been notably strong, with a remarkable gain of 45.01%, according to the data from Benzinga Pro.

Read Next: Peter Schiff Foresees Bitcoin’s ‘Biggest Crash Ever,’ Trump NFT Collection Sees Trading Volume Collapse And More

Image Via Shutterstock

Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote

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