Bitcoin (BTC) Price May Plunge To $31,500, Warns Ali Martinez

Bitcoin could drop to $31,500 if it breaks below the $51,600 key metric. Bitcoin's market dominance fell slightly to 56.81%, amid ongoing bearish trends.

CryptoSlate Top Stories : Bitcoin Could Drop to $31,500 If It Breaks Below This Key Metric, Prominent Analyst Warns

Bitcoin is struggling to maintain momentum after a recent market downturn.

Prominent crypto analyst Ali Martinez has warned that BTC could decline further, potentially dropping to $31,500.

Here's why analysts predict this drop.

Prominent crypto analyst Ali Martinez has warned that Bitcoin could experience further declines, potentially dropping to $31,500. This warning is based on the Realized Price-to-Liveliness Ratio, a key metric that tracks the cost basis of Bitcoin holders and the overall market activity.

In a recent tweet post, Martinez highlighted that historically, when Bitcoin falls below the Realized Price-to-Liveliness Ratio, it tends to experience further declines. Currently, this ratio is at $51,600, while the Realized Price, which represents an average price at which all Bitcoins in circulation are bought, is at $31,500.

Warning! ⚠️

Historically, when #Bitcoin falls below the Realized Price-to-Liveliness Ratio, now at $51,600, it often drops further to its Realized Price — currently at $31,500!

This pattern of price drops has been observed in previous market cycles, and it appears to be on track once again. If Bitcoin breaks below the key metric of $51,600, traders may anticipate a potential drop to the next level, which is the Realized Price.

This warning comes as Bitcoin has been struggling to maintain momentum after a recent market downturn, with the crypto market keeping a close eye on these critical levels.

Bitcoin price now

At press time, the world’s largest cryptocurrency is trading at $54,340, up by 1% in the past 24 hours. However, in the past seven days, BTC price has seen a drop of 9%.

The crypto is trading in a range of $53,435 to $57,133.

Meanwhile, BTC trading volume has dropped by 62% to reach $18 billion in the past 24 hours, while the total market cap now stands at $1.07 trillion.

In other news, recent data from Soso shows that Bitcoin exchange-traded funds (ETFs) experienced a major outflow of $706.19 million by September 6, which marks the largest outflow since these exchange-traded products were launched this year.

The above is the detailed content of Bitcoin (BTC) Price May Plunge To $31,500, Warns Ali Martinez. For more information, please follow other related articles on the PHP Chinese website!