A popular crypto analyst warns against Bitcoin as BTC hovers around the $90,000 mark.
Trader Ali Martinez tells his 102,400 followers on social media platform X that Bitcoin could plunge more than 24% from its current value if it loses a key support area.
The crypto analyst examines the Unspent Transaction Output (UTXO) Realized Price Distribution (URPD) model to determine key support levels. The UTXO tracks the number of existing coins that have recently moved within a certain price range.
“The key support zone for Bitcoin is currently between $97,041 and $93,806. If this critical demand area does not hold, we could see a sharp decline to $70,085 as there is minimal support below.”
The analyst also says that the cost basis distribution metric, which shows how much Bitcoin has been purchased at different price levels, suggests that people who bought BTC in the high $90,000 range are largely holding on for now.
“The key support level for Bitcoin is between $99,000 and $97,000 based on the cost basis distribution. We really don’t want this level to become resistance…
The purchased stock…
