Influential cryptocurrency analyst and trader Ali Martinez said on Monday that Bitcoin (CRYPTO: BTC) is nearing a bottom, marking the start of a major accumulation cycle.
Selling Pressure To Increase?
In an X thread, Martinez weighed in on the next possible moves of the apex cryptocurrency.
The analyst noted that Bitcoin's latest crash to $59,000 has effectively flushed out overleveraged premiums across the board, with long-term holders selling over $3 billion in spot BTC.
Martinez said the distributed supply has temporarily pushed up exchange reserves, which is likely to increase short-term selling pressure. 6/7 The MVRV Pricing Bands provide our geometric targets.Historically, the premier accumulation windows mature when $BTC settles within the 1.0-0.8 MVRV bands.
