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Bitcoin‘s (BTC) price shows two opposing signals. One scenario could lead to a higher price. However, if the other occurs, crypto holders may face a price drop. Crypto analyst Ali Martinez shared insights on social media platform X in two different posts. In his first post, Ali Martinez noted that Bitcoin formed an asymmetric triangle on the 4-hour chart and the price could jump to $74,400.
Analyst Warns of Bitcoin Resistance
However, the expert has one condition. The expert’s prediction can only come true if Bitcoin closes above the $69,330 resistance. An asymmetric triangle appears when two trend lines with opposing slopes converge. In this case, a close above the upper resistance could lead to a breakout. On the other hand, if the price falls to support, a significant correction could follow. At the time of writing, Bitcoin is trading at $69,031. This could mean it is close to the resistance point.
The analyst’s second post focused on the Tom DeMark (TD) sequence. According to the expert, this indicator had shown a sell signal that could drop BTC to $68,050. Again, he noted that the token’s next direction depends on the resistance, as previously mentioned. Beyond these technical data, it is also important to look at Bitcoin’s price movement from an on-chain perspective. The analyst then discussed one of the metrics he examined, CDD. This measurement shows how much long-term cryptocurrencies have moved in large quantities. If CDD is high, BTC can become extremely volatile, and selling pressure can cause a price drop.
Critical Data on BTC
At the time of writing, CDD had dropped to 4.55 million. In this case, long-term cryptocurrencies are not moving as participants continue to hold. If this situation continues, the $74,400 rise prediction could prevail over the potential drop to $68,050. The expert also examined the liquidation heat map to support the mentioned point. The heat map can help investors identify high liquidity areas. According to the analyst, if there is a magnetic field, the price may rise in that direction.
At the time of writing, there is a high liquidity level at $70,300, which could indicate that Bitcoin can reach this price. If this scenario occurs, it could lead to a breakout towards $74,500, where another magnetic region is located. However, if the uptrend is rejected, Bitcoin could fall to $65,050. But according to the expert, based on the analyzed data and metrics, BTC seems likely to rise above $74,000.
