Investors hoping for a turnaround in Bitcoin’s (BTC) price might need to be patient, as recent forecasts suggest more declines ahead.
Analyst Ali Martinez has indicated that Bitcoin could fall further, potentially dropping below the $50,000 level.
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! pic.twitter.com/J2frRQSiXZ
— Ali (@ali_charts) September 7, 2024
This prediction, shared on X on September 7, is based on Bitcoin’s historical patterns and its current performance relative to the realized price-to-live ratio (RPL).
The RPL ratio, which helps identify potential highs and lows by comparing Bitcoin’s realized price with its activity levels, currently sits around $51,600. Martinez notes that historically, when Bitcoin’s price falls below this ratio, it often leads to a continued decline towards the realized price.
According to Martinez, if Bitcoin fails to stay above the RPL threshold, it could see prices fall to around $31,500.
This forecast highlights the critical period ahead for Bitcoin, particularly amid a lack of significant news to boost the cryptocurrency market and ongoing economic uncertainty impacting Bitcoin’s performance.
Despite common fears that global crises spell disaster for crypto markets, new data from Binance Research suggests the opposite may be true — at least for Bitcoin.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.