Analyst and trader Ali Martinez is warning that a bearish signal is flashing on Bitcoin (BTC<\/a>) amid a correction that has seen the crypto king fall to a three-month low.<\/p>\n Martinez tells<\/a> his 128,800 followers on the social media platform X that a bearish divergence is evident on Bitcoin\u2019s weekly time frame.<\/p>\n A bearish divergence occurs when price is recording higher highs and higher lows while an indicator such as the Relative Strength Index (RSI) is recording lower lows and lower highs. The RSI indicator is a momentum oscillator used to determine oversold or overbought conditions.<\/p>\n According to Martinez, Bitcoin had a similar divergence in November of 2021 prior to the bear market that followed and which saw BTC fall from the then-record high of around $69,000 to a cycle low of about $15,500 a year later.<\/p>\n Over the short term, Martinez says<\/a> Bitcoin lacks \u201csignificant support\u201d below the $93,198 price and $70,440.<\/p>\n The crypto trader further says<\/a> that if the current Bitcoin cycle mirrors that of the first-halving cycle which ran from 2011 to 2015, it could be an indication that the crypto king topped out at $108,800 and is primed for further correction.<\/p>\n If Bitcoin\u2019s price action mirrors that of the second-halving cycle, Martinez says<\/a>,<\/p>\n \u201cIf Bitcoin follows the 2015-2018 cycle, this could suggest much more room to grow before the market top!\u201d<\/em><\/p>\n Bitcoin is trading at $85,822 at time of writing, down by about 21% from the all-time high reached on January 20th.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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<\/center><\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n
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