Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/will-bitcoin-reach-new-highs-soon/" data-wpel-link="internal">Will Bitcoin Reach New Highs Soon?</a> 
Experienced cryptocurrency analyst Ali Martinez, <a href="https://coin-turk.com/bloomberg-bitcoin-altin-firsati-kacirdi" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/bitcoin-btc-kiyamet-senaryosuna-ragmen-tutunuyor-yukselis-yakin-mi" data-wpel-link="internal">BTC</a>) may have recently reached its peak in the current bull market cycle. The analyst mentioned that $59,800 is a critical threshold for the largest cryptocurrency, and if the price stays below this threshold, the downward pressure will continue. 
<h2 style="text-align: justify" id="strong-bitcoin-s-decline-may-continue-strong">Bitcoin’s Decline May Continue</h2> 
Martinez shared his latest <a href="https://en.coin-turk.com/key-shifts-in-bitcoin-dynamics-and-investor-implications/" data-wpel-link="internal">Bitcoin</a> observations with his followers on his personal X account, highlighting the historical correlation between realized profits in the Bitcoin market and market peaks. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-346932" src="https://coin-turk.com/wp-content/uploads/2024/05/BTC-Bitcoin.jpeg" alt="" width="1800" height="1013"> 
The analyst pointed out that during Bitcoin’s rise above $73,000, reaching an all-time high, the realized profit overshadowed those observed during previous bull market peaks in 2018, 2021, and 2022. “Last month, while <a href="https://en.coin-turk.com/bitcoin-analyst-nicholas-merten-warns-of-further-price-decline/" data-wpel-link="internal">BTC</a> peaked at $73,880, the realized profit rose to $3.52 billion. This could be a potential peak sign in the Bitcoin market,” he said. 
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According to Martinez, the achieved realized profit indicates a critical turning point in the market’s direction. The analyst added that further confirmation is needed before solidifying the downward expectation, and staying below the short-term realized price around $59,800 could potentially confirm the market peak. 
At the time this article was prepared, Bitcoin was trading below the $59,800 threshold mentioned by the analyst, at $57,489. This suggests that the largest cryptocurrency is under selling pressure and may have reached its peak in the current cycle. 
<h2 style="text-align: justify" id="strong-will-bitcoin-rise-strong">Will Bitcoin Rise?</h2> 
However, Martinez also outlined a scenario where the downward trend could turn into an upward trend if Bitcoin passes a significant price threshold. “If Bitcoin can surpass $66,250 and confirm this level as support, the downward scenario will lose its validity,” he said. 
According to the analyst, surpassing $66,250 will strengthen the momentum of the largest cryptocurrency and pave the way for a rise towards $69,150. If this resistance is breached, Bitcoin could target its all-time high of $92,190. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/will-bitcoin-reach-new-highs-soon/" data-wpel-link="internal">Will Bitcoin Reach New Highs Soon?</a></h5>

Will Bitcoin Reach New Highs Soon?

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