The sharp fluctuations in the Bitcoin market in recent days have seriously shaken investor confidence. The downward trend, which started at the beginning of October, accelerated further last week, causing the Bitcoin price to drop to 81 thousand dollars. This level was recorded as the lowest price since December. Although there are reports in the market that some large investors, that is, “whales”, have started buying again, not everyone is optimistic about this situation. Especially Ali Martinez, one of the popular crypto analysts, put forward a remarkable scenario, arguing that the bottom level has not yet been seen for Bitcoin.
Striking Level from the Analyst: “I’d Sell Everything and Buy Here”
According to Ali Martinez, downside risks on the Bitcoin chart are still on the table. In his evaluation based on the three-day chart he shared on the X platform, the analyst announced the final purchase target for Bitcoin as $ 45,163. Martinez made the pessimism in the market even more visible by stating that he would “sell everything and enter Bitcoin” if this level was seen.
In addition, Martinez also listed the intermediate support levels to watch if the decline continues. The first important support point is around $76,000. If this level is broken, $ 56,200 and then the $ 53 thousand band stand out. According to the analyst, these regions are critical for the psychological balance of the market. However, losing these supports may bring about a harsher correction wave in Bitcoin.
Global Tensions and ETF Outflows Increase Pressure
There are not only technical factors behind Bitcoin’s recent decline. Increasing tension on the geopolitical front also reduces risk appetite. The escalating tension, especially between the USA and Iran, gained a new dimension when the US President ordered to dispatch a large naval fleet to the Middle East. This development increased the search for a safe haven in global markets and accelerated the flight from risky assets such as crypto.
On the other hand, the decision of the US Federal Reserve (Fed) to suspend interest rate cuts was another factor that put pressure on Bitcoin. The expectation that interest rates may remain high for a long time weakens the demand for risky assets. The most concrete indicator of this was the large outflows in spot Bitcoin ETFs. Approximately 1.5 billion dollars were withdrawn from these funds in the last week alone. Thursday was the worst day of the last period, with outflows exceeding $800 million. While total net inflows decreased to 55 billion dollars, a meltdown of approximately 3 billion dollars since mid-January attracted attention.
News that a similar pressure has begun to be seen in Ethereum ETFs indicates that the cautious atmosphere in the overall crypto market is strengthening.
