Bitcoin BTC/USD has dropped 16% in the past month, leading some analysts to warn of a macro downtrend.
What Happened: Ali Martinez, a widely followed crypto chart analyst, points to several key indicators that suggest Bitcoin may be entering a bear market phase.
In an X post on Tuesday, Martinez said Bitcoin may be entering a macro downtrend, as multiple indicators signal a shift.
Large investors and miners have been actively taking profits, with miners realizing $27 million and whales cashing out over $260 million.
Capital inflows have also plummeted from $135 billion in December to just $4 billion.
Martinzez stated that key support lie in the $66,000–$69,000 range, where 750,000 investors bought 313,000 BTC.
Additional metrics, such as the UTXO Realized Price Distribution and Mayer Multiple, reinforce $66,000 and $69,354 as crucial levels.
Whether Bitcoin holds this support could determine if a full bear market unfolds.
Also Read: Bitcoin Remains Stuck In The Low $80,000s: What Does Technical Analysis Say?
What's Next: For the upcoming price targets, Martinez suggests keeping an eye on historical trends. In the past 10-years, when Bitcoin plunged below the 50-day simple moving average, it eventually touched the 200-week SMA at $46,000.
He added that with rising global liquidity, there is still hope.
This historically correlates with Bitcoin recoveries around mid-April.
Martinez predicts reclaiming $93,700 as support is likely to push Bitcoin prices towards the $111,000 mark based on price bands.
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