Despite the recent approval of spot Bitcoin ETF trading by the U.S. Securities and Exchange Commission (SEC), Bitcoin’s price performance has been somewhat lackluster. Renowned crypto analyst Ali Martinez, sharing insights on X, highlighted a descending trend for Bitcoin. He identified an ascending parallel channel governing the cryptocurrency’s price action since September 2023, predicting a potential 20% decline to $34,000.
Martinez observed a rejection from the upper boundary of the parallel channel at $48,000, signaling a possible correction. If the trend continues, the analyst anticipates a downward movement to $34,000, representing a significant drop. However, Martinez remains optimistic, suggesting a swift recovery for Bitcoin after hitting $34,000, with a rebound target to the upper boundary at $57,000.
As of now, Bitcoin is valued at $42,909, reflecting a minor 0.6% decline in the last 24 hours. The cryptocurrency has struggled to maintain levels above $43,000, facing a significant downturn below $42,000 recently. Despite a modest 1.6% gain since the start of the year, Bitcoin’s weekly performance is down by nearly 3%. With a market capitalization of approximately $841 billion, Bitcoin remains the leading asset in the cryptocurrency sector.
The market is closely watching Bitcoin’s movements, especially with the recent SEC approval of spot Bitcoin ETFs, as traders assess the impact on the overall crypto landscape.
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