A closely followed crypto strategist is warning that Bitcoin (BTC) may have already printed a bull market top.
Analyst Ali Martinez tells his 60,700 followers on the social media platform X that realized profits, or gains converted to cash, have historically coincided with Bitcoin market tops.
The analyst highlights that when Bitcoin hit a fresh all-time high of more than $73,000, realized profits soared to a new high and eclipsed levels witnessed during the 2018, 2021 and 2022 bull market tops.
“Last month, when BTC hit $73,880, realized profits skyrocketed to $3.52 billion. This could signal a potential BTC market top!”
Martinez says that he needs another signal to confirm his bearish stance.
“Still, I’m waiting for another confirmation before calling a Bitcoin market top.
For instance, a sustained close below the BTC short-term holder realized price, which currently hovers around $59,800, can confirm a potential BTC market top.”
But the analyst says his call will be invalidated if Bitcoin manages to reclaim a key price level.
“If Bitcoin can surge above $66,250 and reclaim this area as support, the bearish outlook will be invalidated…
By rising above $66,250, Bitcoin will gain the strength to push towards $69,150.
And if this resistance barrier is breached, then BTC can advance toward a new all-time high of $92,190.”
At time of writing, Bitcoin is trading for $60,543, down more than 5% in the past day.
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Generated Image: Midjourney