Crypto analyst Ali Martinez has raised alarms about a potential downturn in Bitcoin's price, highlighting a concerning trend on its weekly chart.
He noted that the flagship cryptocurrency is currently experiencing a bearish divergence, where the price continues to reach higher peaks, but the momentum indicator, the Relative Strength Index (RSI), paints a different picture.
In this case, the RSI shows lower highs and lows, signaling that market momentum may not align with price movements, a red flag for future weakness.
Martinez drew comparisons to a similar divergence seen in November 2021, which preceded a massive price drop that saw Bitcoin tumble from its all-time high of around $69,000 to a low of approximately $15,500.
Based on this historical pattern, Martinez is cautious, noting that Bitcoin may lack strong support below the $93,198 and $70,440 price levels, which could trigger further declines.
Looking ahead, Martinez speculates that Bitcoin’s price trajectory could mirror the early halving cycles. If Bitcoin follows the trend of its first halving cycle from 2011 to 2015, the recent peak of $108,800 might be a sign of the market’s top, suggesting more downward pressure.
However, if the current market behaves like the 2015-2018 cycle, there could still be significant room for growth before hitting a peak, potentially offering an optimistic outlook for the future.
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