The post Long bear market alert if Bitcoin stays under this key price level appeared on BitcoinEthereumNews.com.

Following Bitcoin’s (BTC) sell-off earlier in the week, the flagship cryptocurrency is seemingly struggling to break past the $60,000 mark. Notably, there is growing concern regarding the asset’s price trajectory, with an analyst forecasting more challenging times ahead if Bitcoin continues to hover around its current levels. In this context, analyst Ali Martinez warned in an X post on August 31 that the Bitcoin community should be wary of a possible long-term bear market. Martinez emphasized the importance of the “warm supply realized price,” currently pegged at $66,000. He explained that Bitcoin’s price typically signals a positive trend when it stays above this level. Conversely, if the price dips below $66,000 and remains there, it could begin a prolonged bear market. Additionally, Martinez illustrated how Bitcoin’s price has interacted with the warm supply realized price over the past few years. According to the crypto analysis platform Glassnode data, Bitcoin is currently struggling to reclaim this critical level. Bitcoin realized price chart. Source: Glassnode/Ali_Charts The Bitcoin warm supply realized price is calculated based on the average purchase price of coins inactive for one to three months, and it highlights recent market activity. Monitoring this metric can offer insights into market trends and investor confidence. Additionally, it serves as a valuable tool for predicting future price movements. Bitcoin’s potential bullish scenario Notably, the projection comes as Bitcoin enters September, a month historically known to be bearish for the digital asset. However, crypto analyst with the pseudonym Stockmoney Lizards suggested in an X post on August 31 that September could offer an opportunity for Bitcoin investors. The expert acknowledged that, historically, September has been a month of mixed emotions for traders and investors. On the one hand, it has often been viewed as a period of volatility, where markets tend to waver as…

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Filed under: News - @ August 31, 2024 3:16 pm