Bitcoin analyst issues warning, dip below $24k could be inevitable

In light of a modest 3% decline within the last 24 hours, cryptocurrency trader and analyst Ali Martinez has taken to Twitter to explain his belief that bitcoin’s price will likely continue its downward trend. 

Martinez notes that the leading cryptocurrency appears to be losing support from crucial levels, increasing the probability of a significant price correction. There is a significant demand barrier between $23,200 and $24,000, where 340,000 BTC was purchased by 850,000 investors, totaling $8,946,930,000.

Trader Peter Brandt and other experts echo similar sentiments, indicating that bitcoin’s descent on the price chart may persist. Brandt recently identified a developing “flag” pattern on a BTC chart, suggesting that a further correction could be expected. 

Bitcoin, trading at $26.200 as of press time, had dropped by 3.9% in price valuation within 24 hours of trading, according to stats provided by CoinMarketCap.  

Bitcoin’s volatility levels are relatively moderate as the Bollinger bands, used in estimating market volatility levels, maintain an average distance away from each other. 

The relative strength indicator also moves below its average line as bitcoin bears push for the oversold region.