After experiencing consistent gains in recent days, the value of Bitcoin (BTC) seems to be consolidating above $60,000, a level that is also functioning as a support. However, uncertainty persists regarding the next direction for Bitcoin, as the asset failed to sustain its value above $64,000 after briefly touching it.
Looking ahead, crypto analyst Ali Martinez has presented a scenario that could result in Bitcoin dropping and finding potential support around the $50,000 zone.
In a post on X (formerly Twitter) on March 3, Martinez noted that more than 500,000 BTC had changed hands within the narrow range of $61,100 to $61,800, establishing a robust support area.
According to the analyst, if Bitcoin stays above $61,000, it could pave the way for a climb towards $65,900. However, a word of caution is warranted in a bearish turn. If Bitcoin dips below the established support, a correction could be triggered, potentially leading the digital asset to as low as $51,500.
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