A leading cryptocurrency analyst identified the “Ultimate Support” for Bitcoin (CRYPTO: BTC) on Saturday, positioning it as a macro price floor before a “major reversal.”

Analyst Spots Market’s ‘Structural Foundation’

Ali Martinez drew attention to the Cumulative Value Days Destroyed indicator on X. This metric tracks the selling activity of long-term holders or “diamond hands,” including the volume of BTC moved and their average holding duration to identify potential price floors.

According to Martinez, the floor for Bitcoin is currently at $47,960, which they deemed as “ultimate support.” This meant that the apex cryptocurrency needed to drop by another 30%.

“Historically, Bitcoin rarely spends much time near this line before a major reversal. This is the structural foundation of the entire market,” Martinez stated.

More Downsides Ahead?

The analysis preceded Bitcoin’s sharp spike late Sunday amid escalating geopolitical tensions from the Iran war.

Notably, widely followed cryptocurrency analyst Willy Woo advised against buying Bitcoin now because its price is far below the cost basis of recent investors and urged “patience.”

A Look At Other Key Indicators

The Puell Multiple indicator, which identifies market cycles by analyzing miner sell pressure, remained well short of "historical buy zones," according to CoinMarketCap.

However, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price,  typically the 12-period and the 26-period, flashed a “Buy” signal for BTC, according to TradingView.

The Relative Strength Index showed a “Neutral” reading, and so did the Bull Bear Power indicator, which measures the strength of buyers and sellers.

Meanwhile, whales on Binance’s derivatives market turned bearish on Bitcoin, as evidenced by the dominance of short positions vis-à-vis longs, according to Coinglass.

Price Action: At the time of writing, BTC was exchanging hands at $69,095.49, up 3.28% in the last 24 hours, according to data from Benzinga Pro.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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