Prominent Analyst Reveals the Level to Hold to Avoid a Fall to $40,000 in Bitcoin

Ali Martinez, one of the well-known analysts of the cryptocurrency world, announced in his latest post the critical price level that he claims the Bitcoin price should hold.

According to the analyst, according to the Bitcoin MVRV price bands, the BTC price needs to secure the $ 54,000 level as support, otherwise a drop to $ 40,000 may occur.

On the other hand, Martinez said that if the $ 54,000 level is achieved, the next key resistance level on the upside is $ 67,000.

Martinez stated that the 30-day BTC MVRV rate has not been this low since November 2022, and that the last decline in 2022 was due to the FTX collapse.

Speaking about Solana, the analyst argued that SOL formed a “W” formation in the low time frames. With a stable close above $125, SOL price could bounce back to $142. He stated that the $117 level in the lower region is critical for this scenario to be invalidated.

*This is not investment advice.