Bitcoin's Short-Term Holder Realized Price At $59,800; Analyst Says Falling Below This Could Trigger Notable 'Price Corrections'

Benzinga Neuro

April 29, 2024

Bitcoin (CRYPTO: BTC) has seen its short-term holder realized price at $59,800, which could potentially lead to a significant correction in its price, according to a prominent crypto analyst.

What Happened: On Tuesday, Ali Martinez, a well-known crypto analyst, took to social media platform X to share a warning about a potential correction in Bitcoin’s price.

Martinez pointed out that historically, Bitcoin has often rebounded from this level during an uptrend. However, falling below this level could trigger a significant price correction.

“#Bitcoin short-term holder realized price is at $59,800! Historically, $BTC often bounces off this level during an uptrend. However, falling below could trigger notable #BTC price corrections,” Ali wrote.

#Bitcoin short-term holder realized price is at $59,800! Historically, $BTC often bounces off this level during an uptrend. However, falling below could trigger notable #BTC price corrections. pic.twitter.com/AKQiNv25Ws
— Ali (@ali_charts) April 29, 2024

The short-term holder realized price is the average price at which recently sold Bitcoin was acquired by short-term investors.

See Also: Bitcoin, Ethereum, Dogecoin On Shaky Ground, Crypto Veteran Sees ‘Bitcoin Still Stuck In Range’

Why It Matters: This warning comes amid a period of price consolidation for Bitcoin. Pseudonymous cryptocurrency trader Stockmoney Lizards recently addressed concerns about Bitcoin’s recent price action, maintaining a bullish outlook despite the correction. Lizards suggested that the correction could potentially send Bitcoin back to the $50,000 range but emphasized that this could be a temporary setback and not indicative of the end of the bull market.

Meanwhile, prominent cryptocurrency analyst Benjamin Cowen has predicted further bearish momentum for the Ethereum (CRYPTO: ETH) to Bitcoin pair trade. Cowen maintains his stance despite the recent market pump, suggesting that the current upward movement in the ETH/BTC ratio may be short-lived.

Price Action: According to data from Benzinga Pro, Bitcoin last traded at $64,591, marking a 1.17% increase over the past 24 hours and a significant 46.23% increase year-to-date.

Read Next: Dogecoin’s 5% Loss Closes Lowest Weekly Candle In 2 Months, But This Trader ‘Wouldn’t Be Holding If It Was All Over’

Image Via Shutterstock

Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

The No. 1 Crypto for 2024 - Ad

Gold Is SOARING -- Here's What You Need to Do - Ad

Billionaires Are Now FLOODING Into Gold - Ad

Popular

Closing prices for crude oil, gold and other commodities

Benchmark U.S. crude oil for June delivery fell 26 cents to $79.80 per barrel Monday. Brent crude for July delivery fell 27 cents to $83.71 per barrel.

Things to know about an AI safety summit in Seoul

SEOUL, South Korea (AP) — South Korea is set to host a mini-summit this week on risks and regulation of artificial intelligence, following up on an meeting in Britain last year that drew a diverse crowd of tech luminaries, researchers and officials.

AI & Crypto in One $11 Investment

AI & Crypto in One $11 Investment - Ad

Right now, you can harness the power of two bull markets... Artificial intelligence and cryptos...In one simple $11 investment.

Red Lobster seeks bankruptcy protection days after closing dozens of restaurants

Red Lobster has filed for Chapter 11 bankruptcy protection days after shuttering dozens of restaurants.

Trump Faces Greater Threat Not From Michael Cohen, But From This Person, Says Scaramucci: 'This Wreckage Is Going To Come Back To Haunt Him Come November'

The outcome of the hush-money case may not mean much for Trump, but he faces a graver threat, says Anthony Scaramucci.

America Has New Type of Money, Making Some Rich...Should You Get It?

America Has New Type of Money, Making Some Rich...Should You Get It? - Ad

One of America's most controversial CEOs says, "A new form of money in America is making some people (including Elon Musk, Jeff Bezos, and 17 of America's 25 wealthiest individuals), rich. It has nothing to do with gold, bitcoin, or anything like that, but it's 100% legal. The problem? Few Americans have a real understanding of how it works.

Trump Media and Technology Group posts more than $300 million net loss in first public quarter

SARASOTA, Fla. (AP) — Trump Media and Technology Group, the owner of former President Donald Trump's , lost more than $300 million last quarter, according to its first earnings report as a .

Trump's Niece Weighs In On Ex-President's Legal Troubles, Chuck Schumer Urges FTC To Reconsider Chevron-Hess Merger And More: Top Political Updates This Week

The week was a whirlwind of political and corporate news. From Chuck Schumer calling on the FTC to reconsider a major oil merger, to Donald Trump's niece sharing her thoughts on her uncle's legal woes, the news cycle was anything but dull. Let's dive into the top stories.

READ THIS If You Missed Out on the AI Boom

READ THIS If You Missed Out on the AI Boom - Ad

Radical new biotechnology predicted to grow 320,000% in 3 years. Nvidia's CEO calls it "the next amazing revolution." And one small company poised to dominate this revolution trades for just $10.

Ex-DOJ Attorney Says Former Trump Aide's Testimony Sinks Ex-President's Criminal Defense: 'Big Fat Nail In The Coffin'

Trump's hush-money case has turned decidedly against him following Hope Hicks' testimony, says a legal expert.

Stock Market Rally For 2024 Has Peaked, Goldman Sachs Forecasts 'Flat Return From Now Till The End Of The Year'

The stock market rally for 2024 has reached its peak, according to Goldman Sachs. The firm's chief U.S. equity strategist, David Kostin, has predicted a flat return for the S&P 500 for the remainder of the year.

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon - Ad

Some are calling this the most promising DeFi project since Ethereum itself. Here's the #1 DeFi Coin Set to Soar. While Bitcoin grabs headlines, this lesser known DeFi coin is quietly gearing up for a monster rally. Experts say now is the time to buy before it reaches escape velocity.

Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened

Warren Buffett suggests that federal taxes will likely increase given the country's precarious fiscal position, and he expressed Berkshire's willingness to cover the tax bill it faces.

Elon Musk Causes Stir With Response To Professor's Ominous Prediction Of Civil War 'Coming To The West'

Elon Musk raised eyebrows with his recent tweet affirming a prediction of a civil war in the West.

$25 AI Stock Could Deliver Life-Changing Windfall

$25 AI Stock Could Deliver Life-Changing Windfall - Ad

Discover a company at the forefront of the AI revolution, with up to $1 billion in government-backed contracts and 1,372 patent applications. Trading at just $25 a share...

Exxon Mobil deal with Pioneer gets FTC nod, but former Pioneer CEO Scott Sheffield barred from board

WASHINGTON (AP) — Exxon Mobil's $60 billion deal to on Thursday received clearance from the Federal Trade Commission, but the former CEO of Pioneer was barred from joining the new company's board of directors.

Taylor Swift bill is signed into Minnesota law, boosting protections for online ticket buyers

MINNEAPOLIS (AP) — People buying tickets online for concerts, sporting events and other live events in Minnesota will be guaranteed more transparency and protection under a so-called Taylor Swift bill signed into law Tuesday by Gov. Tim Walz.

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse - Ad

One unknown AI startup could match or even exceed AI's biggest runs in the coming years. Why? Because its technology solves the biggest problem holding back AI. It's a critical component that the industry can't advance without. This company just went public, so right now, it's under the radar.

Katy Perry and Rihanna didn't attend the Met Gala. But AI-generated images still fooled fans

NEW YORK (AP) — No, and didn't attend the this year. But that didn't stop AI-generated images from tricking some fans into thinking the stars made appearances on the steps of fashion's biggest night.

California is testing new generative AI tools. Here's what to know

SACRAMENTO, Calif. (AP) — Generative artificial intelligence tools will soon be used by California's government.

Central Banks Buying Gold in Record Numbers

Central Banks Buying Gold in Record Numbers - Ad

Most folks have completely missed the fact that the world's Central Banks have been quietly gobbling up as much gold as they can... Stacking it in their locked vaults on pallets in record numbers. Find out why right here (and see what you can do to get in too with just a few dollars).

Wall Street Looks To Extend Rally Amid Caution Over Fed Speeches, More Earnings: Why This Analyst Thinks Bull Market Is Still 'Quite Young'

U.S. stocks are likely to extend their gains as major index futures are modestly higher on Monday. Strong earnings reports continue to support the market, with S&P 500 earnings expected to grow by 5% year-over-year — the highest rate since Q2 2022.

Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise

ST. PAUL, Minn. (AP) — Uber and Lyft plan to keep operating in Minnesota after a compromise driver pay package, the companies said Monday.

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer]

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer] - Ad

Bitcoin minted 100,000 millionaires and if you're not one of them, that ship has sailed. But there's another millionaire-minting crypto at our doorstep... research shows this coin could be 20X bigger than Bitcoin by the end of the decade. With crypto starting to heat up again, this could be the perfect time to get in.

What's Going On With Palantir Technologies Stock Today?

Last week, Palantir Technologies reported strong Q1 results, beating revenue estimates and delivering six straight quarters of GAAP profitability. It also raised its full-year guidance and aims to be the dominant AI infrastructure in the market.

Troubled EV Maker Fisker Said To Shut Down California HQ And Relocate Some Staff As Bankruptcy Clock Ticks

Some employees at the Manhattan Beach office have been informed of the relocation and have been asked to prepare for the move by collecting their belongings.

Could Elon's New Device be Bigger than the iPhone?

Could Elon's New Device be Bigger than the iPhone? - Ad

According to 30-year Silicon Valley and Wall Street veteran, Eric Fry... A man who picked 41 plays that jumped 1,000%+... This mind-blowing new technology could be bigger than the iPhone. And it could make a lot of people wealthy in the coming months and years.

Poland is still not ready to adopt the euro, its finance minister says

WARSAW, Poland (AP) — Twenty years after joining the European Union, Poland is still not ready to adopt the euro currency, the finance minister in the pro-European Union government said.

Federal Judge Indefinitely Postpones Donald Trump's Classified Documents Trial

The trial of ex-President Donald Trump for retaining classified documents has been postponed indefinitely by a federal judge.

Crypto Millionaires Names His Favorite AI Coin

Crypto Millionaires Names His Favorite AI Coin - Ad

According to Bitcoin pioneer and crypto millionaire Charlie Shrem, a tiny $11 project could be the biggest winner of not just the next year, but the next decade. It combines AI and crypto, in one investment.

Donald Trump Says He's Not Concerned About His Legal Challenges: 'In A Way, I Don't Care ... Life Is Life'

In a recent private donor event in Florida, former President Donald Trump appeared unfazed by his ongoing legal issues.

Hims & Hers Health CEO Under Fire After Expressing Support For Pro-Palestinian Student Protesters, Company Stock Plummets

Hims & Hers Health Inc. (NYSE: HIMS) stock was hit significantly on Friday following its CEO's public support for pro-Palestinian protesters.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

Ukraine May Need To Negotiate With Russia To End War, Says Top Intel Officer: 'Both Sides Are Jockeying For The The Most Favorable Position'

Ukraine may need to negotiate with Russia to end the war, as suggested by a senior intelligence official. Negotiations could begin in the second half of 2025.

South Sudan removes newly imposed taxes that had triggered suspension of UN food airdrops

JUNA, South Sudan (AP) — Following an appeal from the United Nations, removed recently imposed taxes and fees that had triggered suspension of U.N. food airdrops. Thousands of people in the country depend on aid from the outside.

Could Elon Musk's New Device Save Us from A.I. Apocalypse?

Could Elon Musk's New Device Save Us from A.I. Apocalypse? - Ad

A strange new era for mankind is upon us... And it's all thanks to Elon Musk's latest creation. So he invented this strange new device to protect us against that A.I. threat. See this strange device you could be wearing some day.

Investing guru Warren Buffett draws thousands, but Charlie Munger's zingers will be missed

OMAHA, Neb. (AP) — Tens of thousands of investors are expected to once again descend on an Omaha, Nebraska, arena Saturday to vacuum up tidbits of wisdom from billionaire Warren Buffett. But a key ingredient will be missing from his annual Berkshire Hathaway : It's the first since Vice Chairman Charlie Munger .

'Dogecoin Killer' Shiba Inu Burn Rate Spikes 800%, Crypto Market Rallies As Sentiment Soars And More: This Week In Cryptocurrency

The week was a rollercoaster ride for the cryptocurrency market. The crypto world was buzzing with news, from Shiba Inu’s surging burn rate to speculation of certain altcoins becoming irrelevant.

PASSIVE INCOME (by this evening)

PASSIVE INCOME (by this evening) - Ad

Hey, I have an unique opportunity for those looking for additional ways to earn income right now. It can be done from home. You can do it in your spare time. And it only takes 6 clicks and as little as $50.

Rio de Janeiro set for Madonnaâ€™s massive Copacabana beach concert that will be her biggest ever

RIO DE JANEIRO (AP) — Madonna will give a free concrete on Copacabana beach Saturday night, turning its vast stretch of sand into an enormous dance floor. It comes after Rio de Janeiro spent the last few days readying itself for the historic performance by the “Queen of Pop.”

Trending Now