Popular crypto analyst Ali Martinez has raised concerns about the future price trajectory of Bitcoin within the next 24 hours. Despite a 0.7% increase in the last day, Martinez predicts that the premier cryptocurrency might lose these gains and face a price dip unless a specific condition is met.

In a recent post on social media platform X, Martinez examined the formation of a potential head-and-shoulders pattern on the Bitcoin daily chart. Such patterns typically indicate a struggle for market bulls to drive the asset's price higher.

Martinez highlighted the TD sequential indicator on the BTC daily chart, which is signaling a potential sell signal with a green 9 candlestick. This indicator is designed to identify trend reversals. Additionally, the Relative Strength Index (RSI) has crossed the level of 74.21, known to cause significant price retracements since March, further supporting the projection of a price dip.

However, Martinez does offer a condition that could potentially prevent the expected sell-off. According to the analyst, Bitcoin would need to close its current daily candlestick above the crucial level of $31,560.

As of the time of writing, Bitcoin is trading at $29,960, displaying an 11.6% gain in the last week. The token's daily trading volume has surged by 18.25%. With a market cap of $584.38 billion, Bitcoin retains its position as the world's most valuable cryptocurrency.

In a positive development for Bitcoin, recent data from IntoTheBlock reveals that long-term Bitcoin holdings have seen a significant increase. Around 80% of circulating BTC has not been moved from investor wallets in the past six months, indicating growing confidence among holders.

Furthermore, crypto analyst Slim Daddy, also known as X username, reports that the total balance of BTC held by hodlers (investors who have held Bitcoin for over a year) has reached a record high of 13.45 million Bitcoin. This continuous accumulation of Bitcoin has bolstered its price performance despite the market's turbulent events.

Bitcoin has made headlines throughout 2023, demonstrating a remarkable gain of 70% since the beginning of the year.

The crypto market now awaits the outcome of Bitcoin's performance based on Ali Martinez's analysis, as traders and investors anticipate whether the crucial resistance level of $31,560 will be breached or if a price dip will occur.

Disclaimer: The information provided here is solely for informational purposes and should not be considered as financial advice. Please conduct your own research before engaging in any cryptocurrency investments.

Source: Bitconist