Crypto analyst Ali Martinez The crypto community has been warned not to get too excited about the recent market correction triggered by the spot Solana ETF filing. Bitcoin (BTC) and the broader crypto market saw a relief bounce Recent bullish developmentsBut the analyst shed light on what could lead the market to decline again.
Why the crypto community shouldn’t get “too excited” after the Solana ETF rally
Martinez is mentioned in X (formerly Twitter) Post The crypto community shouldn’t get too excited because $22 million will be liquidated The crypto market could see huge losses if Bitcoin falls to $60,700. A large amount of liquidation could lead to further decline in the crypto market, especially when other traders and investors look to close their positions due to fear of liquidation.
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Martinez issued the warning after bitcoin and altcoins surged in the market following news that asset manager VanEck had filed a suit. Spot Solana ETF with US Securities and Exchange Commission (SEC)Solana, in particular, surged by more than 8% following the news and reached $150.
The crypto market was also excited in anticipation of US presidential debatesThe crypto community had expected crypto to become the main topic of discussion during the discussions, however this did not happen. Nevertheless, there are still enough reasons for the crypto market to be excited, as VanEck’s filing for the first-ever spot Solana ETF is a significant milestone not only for the Solana ecosystem but for the crypto ecosystem in general.
Other asset managers can also be expected to apply for spot Solana ETFs in due course, and the potential approval of these funds could lead to the introduction of more crypto ETFs, similar to how the approval of spot Bitcoin and Ethereum ETFs prompted VanEck to apply for the same. Spot Solana ETF.meanwhile, Spot Ethereum ETF Their trading is expected to begin soon, which will give further boost to the crypto market.
Technical indicators also point to more bullish momentum for Bitcoin
Martinez Recently highlighted The Adam and Eve bottoming pattern, which he claimed is appearing on Bitcoin's charts. He said it signals Potential 6% rise towards $66,000 If Bitcoin can maintain candlestick closes above $62,000. Furthermore, Martinez recently mentioned that Crypto market sentiment has turned into fear, which suggests that crypto prices are currently undervalued and a market boom is imminent.
According to MartinezBitcoin Relative Strength Index (RSI) This also shows that it is a good time to buy the Bitcoin dip. Historical trends suggest that a parabolic rally is already on the cards for the leading crypto. Once Bitcoin moves upwards, the broader crypto market is expected to enjoy a massive surge.
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Crypto analyst Jevon Marks He also mentioned Bitcoin’s RSI and highlighted a bullish divergence pattern that formed on Bitcoin’s charts, which he claimed validates a bullish outlook for the crypto token. Predicted If this bullish pattern holds then Bitcoin could soon surge to $72,000 and possibly reach a new all-time high (ATH).
Featured image created by Dall.E, chart taken from Tradingview.com
