Virtual coin market expert Ali Martinez analyzed the price chart of the flagship cryptocurrency Bitcoin. The analyst stated that the value of the digital coin could drop to $27,000 under certain conditions. Martinez assured that it is important for the bulls to stay above certain values in order for this not to happen.
According to the specialist, a critical support level will become key in the further movement of the BTC price. Ali Martinez noted that the Fibonacci retracement level was set at $38,530. In the event of its breakdown, the flagship digital currency could fall to $27,000.
The analyst assured that the 78.6% Fibonacci retracement level at $38,530 can be called one of the most important today. If the bulls are counting on an increase in the value of an asset, then they are obliged to hold it, otherwise the trend will change to bearish. If a breakdown occurs, then the rate of digital gold will fall to $32,853 or even to $26,820. Martinez also drew attention to the fact that on the 3-day BTC chart, the RSI indicator has already broken through the support level.
The expert assured: many factors influence the further movement of the BTC price. At the moment, it is very difficult to say how the fate of the flagship cryptocurrency will turn out.
Martinez assured that fundamental analysis should not be discarded. Now a lot depends on the geopolitical situation in the world, so it is very difficult to give accurate price forecasts.
Earlier, the editors reported that market analyst Mikael van de Poppe gave his forecast regarding the future price of Bitcoin. He expressed confidence that the digital currency rate will reach $56,000 in the near future. At the same time, the expert emphasized that for this it is necessary to overcome the important resistance level at $47,000. According to him, if this can be done, then BTC will be able to conquer a new price maximum.