Bitcoin had a surprisingly underwhelming price performance over the past week despite the United States Securities and Exchange Commission (SEC) approving the trading of spot BTC ETFs. The price of the flagship cryptocurrency almost broke into $49,000 at the peak of this positive news but has since retraced back below $43,000.
Ali Martinez, a popular crypto analyst on the X platform, has offered insight into the current market climate of Bitcoin, highlighting that the cryptocurrency’s price may face further downward pressure over the coming weeks.
Analyst Forecasts 20% Price Drop For BTC
In a recent post on X, the crypto pundit shared an update on his analysis of the Bitcoin’s price chart on the three-day timeframe. On January 4, Martinez initially identified an ascending parallel channel, which seems to be governing the Bitcoin price action since September 2023.
In price analysis, an ascending parallel channel is a technical analysis pattern that features two parallel upward-slo
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