{"id":646217,"date":"2024-10-04T12:30:22","date_gmt":"2024-10-04T12:30:22","guid":{"rendered":"https:\/\/ktsl888.com\/?p=646217"},"modified":"2024-10-04T06:00:54","modified_gmt":"2024-10-04T06:00:54","slug":"bitcoin-crash-not-over-60365","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-not-over-60365\/","title":{"rendered":"Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important"},"content":{"rendered":"

Crypto analyst Ali Martinez<\/span><\/a> has suggested that the Bitcoin crash might not be over despite the relief rally to $61,000. The analyst highlighted the $60,365 price level as being important to avoid a potential crash to <\/span>as low as $57,000<\/span><\/a>.<\/span><\/p>\n

Bitcoin Needs To Hold Above This Price Level To Avoid Crash<\/h2>\n

Martinez stated in an X post that $60,365 is a key price level to watch for Bitcoin. He claimed a break below this could cause the flagship crypto to fall to $57,420. However, if it holds above this level, the analyst remarked that a rebound to $63,300 is on the table. Therefore, Bitcoin\u2019s trajectory depends on the <\/span>crucial support at $60,000<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long?<\/a><\/div>\n
\n
\"Bitcoin
Source: Glassnode<\/figcaption><\/figure>\n<\/div>\n

In another analysis, Martinez suggested that Bitcoin was likely to suffer more downward pressure in the short term rather than a rebound. He revealed that since May, every correction of the <\/span>market value to realized value (MVRV) ratio<\/span><\/a> from its 90-day average has led to a significant Bitcoin correction.\u00a0<\/span><\/p>\n

\"BTC
Source: X<\/figcaption><\/figure>\n

In line with this, the analyst noted that the latest rejection has already triggered a 10% drop, suggesting that Bitcoin could suffer more price decline. Analyst <\/span>Justin Bennett<\/span><\/a> also believes that Bitcoin will likely drop lower and predicts that it could fall to as low as $57,000. He added that a relief to take out the $63,200 short positions would be nice.\u00a0<\/span><\/p>\n

Meanwhile, he alluded to the <\/span>US Job report<\/span><\/a>, which is set to be released on October 4. The analyst expects significant volatility amid this inflation data. A weak job report could lead to a Bitcoin crash, similar to what happened in August, with the flagship crypto dropping to $54,000. The inflation data is also significant as it would provide insights into whether the market can expect <\/span>further rate cuts<\/span><\/a> from the Federal Reserve this year.\u00a0<\/span><\/p>\n

Veteran trader Peter Brandt also looks to be bearish on Bitcoin at the moment. <\/span>He highlighted a \u2018Three Blind Mice\u2019<\/span><\/a> pattern that was forming on the BTC chart, indicating that the crypto is set to witness a bearish reversal following its uptrend in October.\u00a0<\/span><\/p>\n

Why A Price Crash Could Be Good<\/h2>\n

The <\/span>on-chain analytics platform Santiment<\/span><\/a> suggested that a Bitcoin price crash might be much needed for the flagship crypto to go higher. The platform noted that the crowd has considerably cooled off its excitement toward crypto since BTC retraced over 9% from <\/span>its local high<\/span><\/a> of $66,400 recorded on September 27.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally<\/a><\/div>\n
\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n<\/div>\n

Santiment<\/span><\/a> claimed that this is encouraging, considering that markets typically move in the opposite direction of the crowd\u2019s expectation. As such, the Bitcoin price could enjoy a surprise rally, seeing as market participants are more bearish on its trajectory.\u00a0<\/span><\/p>\n

\"BTC
Source: X<\/figcaption><\/figure>\n

Ali Martinez<\/span><\/a> noted that Bitcoin was currently in the complacency stage and just needed to cool off before it began its next rally.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC bears drag price down from $66,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst Ali Martinez has suggested that the Bitcoin crash might not be over despite the relief rally to $61,000. The analyst highlighted the $60,365 price level as being important to avoid a potential crash to as low as $57,000. Bitcoin Needs To Hold Above This Price Level To Avoid Crash Martinez stated in an X post that $60,365 is a key price level to watch for Bitcoin. He claimed a break below this could cause the flagship crypto to fall to $57,420. However, if it holds above this level, the analyst remarked that a rebound to $63,300 is on the table. Therefore, Bitcoin\u2019s trajectory depends on the crucial support at $60,000.\u00a0 Related Reading: Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long? In another analysis, Martinez suggested that Bitcoin was likely to suffer more downward pressure in the short term rather than a rebound. He revealed that since May, every correction of the market value to realized value (MVRV) ratio from its 90-day average has led to a significant Bitcoin correction.\u00a0 In line with this, the analyst noted that the latest rejection has already triggered a 10% drop, suggesting that Bitcoin could suffer more price decline. Analyst Justin Bennett also believes that Bitcoin will likely drop lower and predicts that it could fall to as low as $57,000. He added that a relief to take out the $63,200 short positions would be nice.\u00a0 Meanwhile, he alluded to the US Job report, which is set to be released on October 4. The analyst expects significant volatility amid this inflation data. A weak job report could lead to a Bitcoin crash, similar to what happened in August, with the flagship crypto dropping to $54,000. The inflation data is also significant as it would provide insights into whether the market can expect further rate cuts from the Federal Reserve this year.\u00a0 Veteran trader Peter Brandt also looks to be bearish on Bitcoin at the moment. He highlighted a \u2018Three Blind Mice\u2019 pattern that was forming on the BTC chart, indicating that the crypto is set to witness a bearish reversal following its uptrend in October.\u00a0 Why A Price Crash Could Be Good The on-chain analytics platform Santiment suggested that a Bitcoin price crash might be much needed for the flagship crypto to go higher. The platform noted that the crowd has considerably cooled off its excitement toward crypto since BTC retraced over 9% from its local high of $66,400 recorded on September 27.\u00a0 Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally Santiment claimed that this is encouraging, considering that markets typically move in the opposite direction of the crowd\u2019s expectation. As such, the Bitcoin price could enjoy a surprise rally, seeing as market participants are more bearish on its trajectory.\u00a0 Ali Martinez noted that Bitcoin was currently in the complacency stage and just needed to cool off before it began its next rally.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":646219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-646217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nAnalyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important<\/title>\n<meta name=\"description\" content=\"Crypto analyst Ali Martinez has suggested that the Bitcoin crash might not be over despite the relief rally to $61,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-not-over-60365\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-not-over-60365\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_3aeed5.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_3aeed5.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-10-04T12:30:22Z","datePublished":"2024-10-04T12:30:22Z","dateModified":"2024-10-04T12:30:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-crash-not-over-60365\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-crash-not-over-60365\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/Bitcoin_3aeed5.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/Bitcoin_3aeed5.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-10-04T12:30:22Z\",\"datePublished\":\"2024-10-04T12:30:22Z\",\"dateModified\":\"2024-10-04T12:30:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin_3aeed5.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/646217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=646217"}],"version-history":[{"count":3,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/646217\/revisions"}],"predecessor-version":[{"id":646227,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/646217\/revisions\/646227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/646219"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=646217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=646217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=646217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}