Cryptocurrency Trader Sounds Alarm on Bitcoin, Cites Signals of Potential Peak in Bull Market

A prominent cryptocurrency analyst recently shared that Bitcoin (BTC) might have reached its peak in the current market cycle. BTC is the subject of discussion.

Ali Martinez, who has over 60,700 followers on a certain social media platform, notes that spikes in realized profits—when gains are cashed out—often indicate the peak of Bitcoin’s price.

Pointing to a recent event, Martinez emphasizes that when Bitcoin hit a new high of over $73,000, the realized profits also peaked, surpassing the previous high marks of the 2018 and 2021 bull runs.

“Last month, Bitcoin reached $73,880, and realized profits jumped to $3.52 billion. It’s a telltale sign of a potential market peak for BTC!”

However, Martinez is awaiting additional indicators to consolidate his bearish perspective.

“I’m still on the lookout for further evidence to support a market top call for Bitcoin.”

“A decisive drop below the BTC short-term holder realized price, at the moment around $59,800, would reinforce the potential for a market top.”

The analyst also provides a scenario that would negate his bearish outlook.

“Should Bitcoin break above $66,250 and hold it as support, my bearish projection would no longer hold water.”

“An ascension above $66,250 would position Bitcoin for an upward trajectory towards $69,150.”

“And surpassing this next resistance could set BTC on a path to achieve a new record high of $92,190.”

As of this writing, Bitcoin’s price has fallen to $60,543, marking a decline of over 5% in the last 24 hours.

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