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Investors looking for a possible bullish reversal in Bitcoin’s (BTC) price will have to wait longer, as an analyst is projecting further downside. According to Ali Martinez, Bitcoin’s historical behavior, when compared to the current price movement around the realized price-to-live ratio (RPL), signals a further drop below the $50,000 mark. He made this projection in an X post on September 7. It’s worth noting that the RPL ratio is used to identify potential price tops and bottoms. The metric considers Bitcoin’s realized price and liveliness, a measure of the movement of long-term versus short-term holders. The outcome is used to generate insights into prevailing market sentiments. In this context, the analyst noted that historically, when Bitcoin dips below the RPL ratio, the subsequent trajectory often leads to a sustained drop toward the realized price. According to Martinez’s data shared from crypto analysis platform Glassnode, the ratio currently stands at $51,600, with Bitcoin trading slightly above this level. In his analysis, investors should anticipate additional losses, possibly down to the $31,500 zone, if the maiden cryptocurrency shows weakness and drops below this threshold. Bitcoin realized price-to-live ratio chart. Source: Glassnode/Ali_charts This suggests that, with the general cryptocurrency market lacking notable news to trigger a rally, the coming days remain crucial for Bitcoin’s prospects. Notably, growing economic uncertainty has weighed down Bitcoin.  Bitcoin’s next record high  For investors looking for optimism, it is worth mentioning that some analysts believe that the ongoing Bitcoin price adjustment may be the turning point leading to the beginning of the bullish phase. Specifically, Alan Santana, in a TradingView post on September 8, pointed out that an upcoming bull market could see Bitcoin hit $100,000 by 2025. Bitcoin price analysis chart. Source: TradingView/Alan Santana However, the market expert warned that the ongoing correction is not over.…

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Filed under: News - @ September 8, 2024 2:06 pm