Analyst and merchants, Ali Martinez, warns that the Habbiyah signal over the Bitcoin (BTC) amid a correction that witnessed the king’s fans drop to its lowest level for three months.
Martinez Recount Its 128800 followers on the social media platform x that the declining difference is clear in the weekly timeline of Bitcoin.
The declining difference occurs when the price records higher levels and its lowest levels while the RSI index (RSI) records a decrease in its lowest level and its highest level. The RSI index is a momentum oscillator used to determine excessive or peak conditions.
According to Martinez, Bitcoin had a similar difference in November 2021 before the bear market that followed, which witnessed the BTC decrease from the highest level at that time about $ 69,000 to the lowest level in the cycle of about $ 15,500 a year.
In the short term, Martinez He says Bitcoin lacks “large support” less than $ 93,198 and $ 70,440.
Also, the encryption dealer He says If the current Bitcoin course in the first half cycle, which lasted from 2011 to 2015, it may be an indication that King Crypto was more than $ 108,800 and prepared for more correction.
If the movement of bitcoin reflects the degree of the course in the second half, Martinez He saysand
“If Bitcoin follows the 2015-2018 cycle, this may indicate a much larger space for growth before the market is on top!”
Bitcoin is trading at $ 85,822 at the time of writing, a 21 % decrease of the highly accessible heights on January 20.
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