A popular crypto analyst warns that Bitcoin could suddenly collapse if BTC loses a key support level.
Crypto trader Ali Martinez shares with his 104,000 followers on the social media platform
The crypto analyst uses the Unspent Transaction Output (UTXO) Realized Price Distribution (URPD) model to determine key support levels. UTXO tracks the number of existing coins that have recently moved within a certain price range.
“From an on-chain perspective, a Bitcoin price correction to $70,000 is possible, considering that below $93,806 the price is largely open down to $70,085.”
The analyst believes that some investors are suddenly preparing for a downtrend by sending their BTC to exchanges for possible sales.
“Some savvy investors seem to be aware of such a pessimistic scenario and sent over 33,000 Bitcoins worth more than $3.23 billion to exchanges last week!”
He also says other investors are already selling in advance of a possible collapse.
“Others also book profits…”
