BTC is down by over 30% from its October ATH, but one analyst expects more losses.
The past week or so only intensified bitcoin’s otherwise bearish sentiment that began in early October, and the asset plunged to $81,000, which was its lowest level since December.that whales have reentered the BTC ecosystem in their most significant buying spree in two years, one popular analyst believes there’s more downside risk for the cryptocurrency.
As such, he outlined his target at which he plans to “sell everything” and go all-in on BTC. And that target, according to Ali Martinez, is $45,163, which is the lowest level on the 3-day chart he posted on X.the next significant support levels for BTC in case its correction continues. The first is situated at around $76,000, followed by $56,200, and $53,000 if the first two give in.to the rising geopolitical tension, this time between Iran and the US, as the latter’s president ordered a large naval fleet to move closer to the Middle Eastern country. Additionally, the US Federal Reserve paused its interest rate cut policy, which was also believed to be bearish for risk-on assets.Bitcoin Whale Accumulation Hits Highest Level Since 2024 Amid BTC Price WeaknessWall Street investors using the spot BTC ETFs to gain exposure to the asset have seemingly turned away, pulling out roughly $1.5 billion in the past week. Thursday was the worst day in a while, with more than $800 million leaving the funds on that day.Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.Pi Network’s PI Token Finally Rebounds, Bitcoin Settles at $83K: Weekend Watch
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