Despite early hopes for a steady price rise with the start of a typically bullish Q4, Bitcoin is struggling to hold its ground, recently dropping to $54,000. Due to its ongoing bearish trend, prominent crypto analyst Ali Martinez has warned that Bitcoin could decline further, potentially dropping to $31,500. Here’s why analysts predict this drop. 

Stark Warning: BTC Plunging To $31,500

In a recent tweet post, Ali Martinez pointed out that historically, Bitcoin tends to experience further declines once it falls below the Realized Price-to-Liveliness Ratio. This key metric, currently at $51,600, is an important indicator that tracks the cost basis of Bitcoin holders and the overall market activity. 

If Bitcoin breaks below this level, Martinez believes the next stop could be $31,500, which is the Realized Price, an average price at which all Bitcoins in circulation are bought. This pattern has been observed in previous market cycles. 

When Bitcoin drops below the Realized Price-to-Liveliness Ratio, it tends to continue its drop further until it reaches the Realized Price which is at $31,500. 

Meanwhile, Martinez’s warning comes as Bitcoin has been struggling to maintain momentum after a recent market downturn, and the crypto market is closely watching these critical levels.

Bitcoin Price Action

As of now, bitcoin price is trading around $54,340, reflecting a rise of 1% seen in the past 24 hours. Despite this BTC trading volume has seen a drop of 62%, currently hovering at $18 billion, with a market cap of $1.07 trillion. At the same time, Bitcoin’s dominance in the market has dropped slightly to 56.81%, reflecting a 0.09% decrease in the last day. 

Meanwhile, recent data from Soso shows Bitcoin ETFs experienced a major outflow of $706.19 million by September 6, the largest since these exchange-traded products were launched this year.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed