Ali Martinez: Bitcoin may fall to $ 79,000 in the near future

On Tuesday, November 25, major cryptocurrencies traded little changed, while US stock indices continued to rise amid expectations of a December interest rate cut. According to Benzinga, Bitcoin BTC $86,484.31 Mezo Wrapped BTC -0.20% Market capitalization $41.9 million VOL. 24 hours $1.49 billion was down 0.68% to $ 87,450, Ethereum ETH $2,903.86 Bridged Ether (StarkGate) 0.76% Market capitalization $75.82 million VOL. 24 hours $1.18 billion was up 0.19% to $ 2,949, and XRP XRP $2.18 XRP -0.80% Market capitalization $131.6 billion VOL. 24 hours $0.27 billion fell 2.75% to $ 2.19. Dogecoin DOGE $0.15 Binance-Peg Dogecoin 1.44% Market capitalization $0.38 billion VOL. 24 hours $0.14 billion added 0.23% to reach $ 0.1522, and Solana SOL $137.10 Binance-Peg SOL 0.76% Market capitalization $0.15 billion VOL. 24 hours $0.45 billion increased by 0.22% to $ 138.85.

The cryptocurrency market has generally stabilized after the previous growth. Bitcoin was trading in the range of $ 86,000-$ 88,450, and daily trading volumes were down 11%. Ethereum failed to gain a foothold above the key $ 3,000 level. Bitcoin’s dominance dropped to 58%, while Ethereum’s share fell to 11.8%. The total market capitalization amounted to $ 3.01 trillion, which is 0.41% less than the previous day.

Over the past 24 hours, liquidations on the crypto market have exceeded $ 300 million, almost equally distributed between long and short positions, according to Coinglass. The Fear and Greed Index showed «extreme fear». Analysts note that the market is in a consolidation phase after the strong growth of recent weeks. Shares of MicroStrategy (NASDAQ: MSTR), one of the largest corporate Bitcoin holders, fell by 3.83%.

US stock indices continued to rise: The Dow Jones rose by 1.43% to 47,112 points, the S&P 500 gained 0.91% to 6,765, and the Nasdaq added 0.67% to 23,025 points. Traders estimate the probability of a rate cut by the Federal Reserve in December at 84%, while a week ago this figure was 50%. Polymarket and Kalshi forecasts also confirm these expectations.

Crypto analyst Michael van de Poppe called the $ 85,500 level a key support for Bitcoin. According to him, a drop below this level could lead to a retest of the $ 80,800-$ 82,000 range. If the rate stays above it, it could reach $ 90,000-$ 92,000 in the coming days. Another analyst, Ali Martinez, found a bearish flag on the hourly chart of Bitcoin, signaling a continuation of the downtrend. According to his estimates, the price could drop to $ 79,000.