Bitcoin (CRYPTO: BTC) has seen its short-term holder realized price at $59,800, which could potentially lead to a significant correction in its price, according to a prominent crypto analyst.
What Happened: On Tuesday, Ali Martinez, a well-known crypto analyst, took to social media platform X to share a warning about a potential correction in Bitcoin’s price.
Martinez pointed out that historically, Bitcoin has often rebounded from this level during an uptrend. However, falling below this level could trigger a significant price correction.
“#Bitcoin short-term holder realized price is at $59,800! Historically, $BTC often bounces off this level during an uptrend. However, falling below could trigger notable #BTC price corrections,” Ali wrote.
The short-term holder realized price is the average price at which recently sold Bitcoin was acquired by short-term investors.
See Also: Bitcoin, Ethereum, Dogecoin On Shaky Ground, Crypto Veteran Sees ‘Bitcoin Still Stuck In Range’
Why It Matters: This warning comes amid a period of price consolidation for Bitcoin. Pseudonymous cryptocurrency trader Stockmoney Lizards recently addressed concerns about Bitcoin’s recent price action, maintaining a bullish outlook despite the correction. Lizards suggested that the correction could potentially send Bitcoin back to the $50,000 range but emphasized that this could be a temporary setback and not indicative of the end of the bull market.
Meanwhile, prominent cryptocurrency analyst Benjamin Cowen has predicted further bearish momentum for the Ethereum (CRYPTO: ETH) to Bitcoin pair trade. Cowen maintains his stance despite the recent market pump, suggesting that the current upward movement in the ETH/BTC ratio may be short-lived.
Price Action: According to data from Benzinga Pro, Bitcoin last traded at $64,591, marking a 1.17% increase over the past 24 hours and a significant 46.23% increase year-to-date.
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