Investir.com | Editor Hari G.
Published October 12, 2023 at 8:06 a.m. ET
Bitcoin (BTC) is currently facing bearish sentiment in the cryptocurrency market, marked by a 3% weekly loss on Thursday. This slowdown comes amid escalating global geopolitical tensions that have had a significant impact on various markets.
Despite the current bearish trend, there is potential for a bullish rally, according to crypto trading expert Ali Martinez. The key to this rally is the price indicator Bitcoin is making for its hot supply, a metric that reflects the average cost of investing in the cryptocurrency.
Martinez suggests that for the bull rally to ignite, Bitcoin must maintain a close above $28,233. With Bitcoin price sitting at $26,800 on Thursday, it would require an additional increase of around 5.35% to reach this crucial threshold.
This potential rally presents an interesting development for investors closely monitoring Bitcoin’s performance amid current market volatility. As geopolitical tensions continue to influence global markets, the future trajectory of Bitcoin remains a topic of intense interest in the financial world.
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Written by: Investir.com