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Bitcoin Zeroes In On $100,000, But This Indicator Signals One More Brief Correction

ビットコインは10万ドルに迫るが、このインジケーターはさらなる短い修正を示唆しています。

Benzinga ·  2024/11/22 22:32

Bitcoin (CRYPTO: BTC) continues its climb toward $100,000, but traders are adopting cautious approaches to prepare for potential corrections.

What Happened: Crypto chart analyst Ali Martinez observed a sell signal on Bitcoin's 4-hour chart, indicating a possible brief correction to $97,085.

However, a candlestick close above $100,470 could invalidate this bearish setup and push BTC to $102,656 or $104,343.

The TD Sequential presents a sell signal on the #Bitcoin $BTC 4-hour chart, anticipating a brief correction to $97,085!
A candlestick close above $100,470 will invalidate the bearish formation and potentially push #BTC to $102,656 or $104,343. pic.twitter.com/WiKQTGYNmJ

— Ali (@ali_charts) November 22, 2024

In another tweet, Martinez shared his strategy for protecting capital during Bitcoin's next bear market. Predicting a peak between $173,779 and $461,862 by October 2025, he suggests:

  • Selling 25% of holdings between $173,000 – $200,000.
  • Selling 30% between $200,000 – $300,000.
  • Selling another 30% between $300,000 – $400,000.
  • Selling the final 15% if BTC surpasses $400,000.

Additionally, Martinez advises traders to employ a 15%-20% trailing stop-loss after Bitcoin reaches $170,000. He underscores a strict deadline: "If Oct 2025 hits, sell—no matter what."

Also Read: If You Bought $1 Worth Of Bitcoin At Launch, Here's How Much You'd Have Today

Why It Matters: Martinez noted that over 65,000 BTC, worth $6.37 billion, have been withdrawn from exchanges in the past 96 hours.

IntoTheBlock data shows large transaction volume increasing by 47.5% and daily active addresses grew by 27.2%. Transactions greater than $100,000 are up from 13,321 to 18,859 in a single day. Exchanges netflows are down by 4.5%.

Lookonchain data highlighted the ten Bitcoin ETFs saw a netflow of 8,585, worth $842.7 million, in one day. BlackRock inflows increased by 6,643 BTC, worth $652.08 million, bringing its total to 481,270 BTC.

  • Michael Saylor Predicted Bitcoin To Hit $13 Million — If It Happens, It Will Entail 'Massive Hyperinflation,' Analyst Warns

Image: Shutterstock

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