Ali Martinez predicts bitcoin’s collapse below $ 60,000

Famous crypto analyst Ali Martinez has warned of a high probability of a sharp drop in the bitcoin rate BTC $94,708.00 Mezo Wrapped BTC -4.05% Market capitalization $48.7 million VOL. 24 hours $4.78 billion below $ 60,000 if the asset price fails to stay above the key level of $ 111,937. According to him, in this case, BTC could first drop to $ 56,145, the so-called «realized price» of short-term holders, or even to $ 37,815, the average value of coins held by long-term investors.

The Short-Term Holder Realized Price (STH) level reflects the average purchase price of bitcoins by those who have held them for less than 155 days. Instead, the Long-Term Holder Realized Price (LTH) shows the average price of coins that have not moved for more than 155 days. These indicators often act as important support and resistance levels for bitcoin, Martinez explained, citing Glassnode data.

At the same time, analysts at Coinbase Institutional believe that the recent market drop in October was a «healthy reset» after a period of excessive leverage. In its report, the company noted that «fundamentals remain stable and institutional players are gradually returning to the market.» They characterized the current phase as a period of accumulation before the next stage of growth, rather than the end of the market cycle.

Coinbase predicts a gradual increase in bitcoin’s dominance in the cryptocurrency market and expects its value to range from $ 90,000 to $ 160,000 over the next 3−6 months.

Despite analysts' fears, BTC rose by more than 4% on Sunday, reaching $ 106,214 after a temporary market recovery amid news of a possible end to the US government shutdown. ARK Invest CEO Katie Wood remains optimistic, confirming her forecast of $ 1 million per bitcoin in the long run. She explained this by the rapid growth of the stablecoin market, whose total capitalization has exceeded $ 300 billion.