Ali Martinez predicts bitcoin will fall below $ 60,000

As the price of bitcoin hovers around the $ 64,000 mark, renowned crypto analyst Ali Martinez has drawn attention to a disturbing pattern on the charts. According to Martinez’s latest data on BTC $75,179.32 Mezo Wrapped BTC -0.52% Market capitalization $0.1 billion VOL. 24 hours $0.62 billion , there are two significant sell signals that indicate potential pressure on the cryptocurrency.

The first negative signal is the appearance of a «death cross» between the 50 and 100 simple moving averages (SMAs) on the 12-hour chart of bitcoin. This ominous pattern occurs when a short-term moving average, in this case the 50-day SMA, crosses below a long-term moving average of 100 or 200 days. Historically, the death cross has been viewed as a bearish indicator, signaling a potential change in momentum from bullish to bearish.

The appearance of the red 9 candlestick on the TD Sequential indicator also increases the concern. Developed by market analyst Thomas DeMark, TD Sequential is a technical analysis tool used to identify potential price exhaustion and trend reversal.

In this context, a red 9 candlestick indicates that bitcoin’s upward momentum may be losing strength, potentially opening the way for a corrective move.

If BTC fails to stay above the critical support level of $ 63,300, investors may have to prepare for a further drop. Martinez warns that a breakout of this level could open the door for BTC to test lower support zones at $ 61,000 or even $ 59,000.