Crypto analyst Ali Martinez warned the crypto community not to get too excited about the recent start of market recovery with the inclusion of Spot Solana ETFs. Bitcoin (BTC) and the broader crypto market have seen the following easing decline recent bullish developmentsbut the analyst emphasized what could send the market into a downtrend again.
Why The Crypto Community Shouldn’t Be “Too Happy” After Solana ETFs Rally
Martinez mentioned in X (formerly Twitter) posted that the crypto community should not be too happy because $22 million will be eliminated from the crypto market when Bitcoin drops to $60,700. A significant amount of money cuts can lead to a further decline in the crypto market, especially with some traders and investors looking to close their positions for fear of liquidation.
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Martinez issued this warning following the market rally of Bitcoin and altcoins. This repetition followed the news that property manager VanEck filed i Company Spot Solana ETF with US Securities and Exchange Commission (SEC). Solana, in particular, saw a price gain of more than 8% and rose to $150 following the news.
The crypto market also developed in anticipation US presidential debate. The crypto community expected that crypto would be the main talking point during the discussion, although that did not happen. Still, we still have enough reason for the crypto market to be excited, as VanEck’s filing of the first ever Spot Solana ETF marks a milestone not only for the Solana ecosystem but for the crypto ecosystem in general.
Other asset managers can be expected to file for the Spot Solana ETF in due course, and the possible approval of these funds could bring in more crypto ETFs just as the approval of the Spot Bitcoin and Ethereum ETF prompted VanEck to file this. Company Spot Solana ETF. Meanwhile, the Spot Ethereum ETF share price they are expected to start trading soon, giving more impetus to the crypto market.
Technical Indicators Also Point To More Bitcoin Rally
Martinez which has just been highlighted an Adam and Eve bearish pattern, which he says appears to be forming on the Bitcoin chart. He said this points to a 6 percent would go up to $66,000 if Bitcoin can keep the candlestick closed above $62,000. Additionally, Martinez recently noted that i crypto market sentiment has turned into fear, which suggests that crypto prices are currently undervalued and that a market recovery is imminent.
In accordance with MartinezBitcoin’s relative strength index (RSI) and it shows that this is a good time to buy the Bitcoin dip. Historical trends suggest that a parabolic rally is already on the cards for the main crypto. When Bitcoin goes higher, the broader crypto market is expected to enjoy a big jump.
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Crypto analyst Javon Marks he also referred to Bitcoin’s RSI and highlighted the bullish breakout pattern that formed on the Bitcoin chart which he said confirms the bullish outlook for the crypto token. He predicted that Bitcoin could pull back to $72,000 and possible new all-time highs (ATHs) if this bullish pattern holds.
The featured image was created with Dall.E, a chart from Tradingview.com
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