Bitcoin (BTC) Price: Analyst Unveils 2 Likely Scenarios To Watch

7Ary...USep

13 May 2024

Bitcoin (BTC) price is fighting for balance, a trend that has drawn top market analyst Ali Martinez to explore what comes next

HIGHLIGHTS

Bitcoin price has continued to struggle for balance amid market wide drop
Market analyst predicts a dual price action moving forward
Market reliance on spot Bitcoin ETF as catalyst is high

The price of Bitcoin (BTC) is trying to recover from its lowest point of $61,516.51 over the past 24 hours. While Bitcoin triggered the market-wide drop, it is also championing the recovery effort, however, with a balanced bull-bear action.

Bitcoin (BTC) Price: Where Next?

In its push to print a major recovery, Bitcoin price has faced decisive rejection at crucial price levels, including the $62,000 mark. Over the past 7 days, Bitcoin bears have turned the $63,000 level into the ultimate resistance zone. This point was formed after the coin dropped from the weekly high of $65,450 recorded on May 6.
Wading into the trend, top market analyst Ali Martinez has revealed that should Bitcoin reclaim $64,290 as support, it is likely to rise towards $76,610. It is worth noting that the $76,610 price top is a level the coin has never seen before. In this current market cycle, Bitcoin has only managed to hit an All-Time High (ATH) of $73,750.07.

If #Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, $BTC might retest support at $51,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024

There are many bullish technical and fundamental indicators that suggests this bullish price call is possible for Bitcoin. With a mildly bearish drawdown as showcased in the daily chart, Bitcoin looks primed for a reboot.
Ali Martinez also left enough room for a reverse ride. He pointed out that should the price of Bitcoin fails to surpass $64,290 amid the growing institutional backing, the coin “might retest support at $51,970.” In its most recent history, Bitcoin has not retested this $51,900 level since at least February 27.
Whether or not Martinez’s projections comes through remains to be seen. However, this underscores the uncertainty in Bitcoin’s price trend, a cautionary tale for investors and traders.

The BTC Growth Catalyst

The ecosystem recorded the activation of the fourth Bitcoin halving in April, with the market failing to respond positively. Based on this, the investors has had to return back to the trusted avenue with boosted demand – Spot Bitcoin ETF.
This product is a vital catalyst, one that has positioned Bitcoin as an attractive asset for Traditional Finance (TradFi) players. In an unexpected twist, top banking giants in the United States including JPMorgan Chase and Wells Fargo has revealed their current exposure to Bitcoin ETFs.
Offshore entities in Europe and Hong Kong are also backing spot BTC ETF products. This move has solidified the outlook of Bitcoin as a worthy alternative to combat inflationary hedge. Over time, there is confidence the demand and supply slash through mining can drive Bitcoin (BTC) price to new highs soon.

Crypto Prices Today May 13: Bitcoin At $60K, Ethereum Plunges Amid Bear Market

The crypto prices today extended declines with Bitcoin trading lower than $61,000 and Ethereum falling to the $2,800 level while other altcoins mirror the sentiment.

HIGHLIGHTS

Bitcoin failed to attain the $61,000 mask again.
Ethereum witnessed significant declines and extended lower than $2,900.
The altcoin market suffered from a similar bearish sentiment.

The top crypto prices today registered further losses as the Bitcoin (BTC) price continued trading below the $61,000 evel. Furthermore, the Ethereum (ETH) plunged significantly and dipped to the $2,800 level. In addition, other top altcoins, such as Solana (SOL), XRP, Cardano (ADA) also noted notable declines.

Major Crypto Prices Today

1. Bitcoin Price

The Bitcoin price dropped 0.24% reaching $60,913.20 at the time of writing on Monday, May 13. On the other hand, it’s trading volume soared 27.61% to $16.75 billion in the last 24 hours. Whilst, the crypto’s market capitalization stood at $1.20 trillion.

2. Ethereum Price

The Ethereum price slipped 1.29% to $2,887.12 at press time with a market valuation of $346.80 billion. Whilst, ETH saw its trading volume surged 27.08%, reaching $7.93 billion.

3. Solana Price

The Solana price plunged lower than the $140 level today. The Solana price lost 5.33%, settling at $138.97. In contrast, SOL witnessed a 33.58% gain in trade volume to $1.36 billion in the last 24 hours.

4. XRP Price

Whilst, the XRP price dipped below the $0.50 mark amid the bearish downturn. The XRP price recorded a dip of 2.97%, reaching $0.4926. On the other hand, XRP’s trading volume spiked by 51.14% to $608.99 million.

5. Cardano Price

Meanwhile, the Cardano crypto price tumbled 3.15% to $0.4272 today. Whilst, ADA recorded a hike of 15.34% in its 24-hour trading volume, settling at $202.22 million.

6. Dogecoin & Shiba Inu Price

The Dogecoin price lost 4.50% to $0.1357 while its rival, Shiba Inu price plunged 3.17% and traded at $0.00002178.
Also Read: Bitcoin ETF Clock $116M Weekly Inflow Despite Recent Setback; What To Expect?

Top Crypto Gainers Today

Core (CORE): The Core price rose 1.69% to $1.65.
UNUS SED LEO (LEO): The LEO crypto was up 0.04% and traded at $5.95.
Due to the ongoing bearish trend, there were no other gainers today.

Top Crypto Losers Today

Immutable (IMX): The IMX price lost 9.26%% to $2.05.
Bittensor (TAO): The Bittensor price dipped 8.71% to $347.09.
Wormhole (W): The Wormhole crypto price was down 8.40% to $0.5477.
Pendle (PENDLE): The PENDLE price slipped 8.05% to $4.03.

Dogwifhat (WIF), Akash Network (AKT), Arweave (AR), and Fetch.ai (FET) also made it to the top crypto losers list today.
Also Read: Low Supply Tokens to Buy This Month