Key Bitcoin Price Level Could Prevent Major Drop, Analyst Warns

Crypto analyst Ali Martinez has identified a crucial Bitcoin price level that could prevent a significant drop.

On social media platform X, Martinez highlighted that the $54,240 mark is vital when looking at Bitcoin’s MVRV price bands.

According to the #Bitcoin MVRV Pricing Bands, the $54,240 support level is crucial to monitor. A breach of this level could lead to a correction down to $41,100! pic.twitter.com/7BQnzPK8Wt

— Ali (@ali_charts) September 9, 2024

He suggested that a fall below this level could lead to a correction towards $41,100.

Martinez also noted that a drop to $54,240 could trigger a $24 million liquidation event on Binance.

Despite this, Bitcoin’s recent price movement has slightly moved away from this critical level, trading at $57,308—up about 5% in the past 24 hours and briefly exceeding $58,000.