After the recent rise caused by the filing of Spot Solana ETFs, crypto expert Ali Martinez warned people not to get too excited. Even though Bitcoin and the crypto market as a whole saw a relief rally when good news came out, Martinez has called out things that might change this trend.
Martinez told people not to get too excited in a post on X (formerly Twitter), pointing out that if Bitcoin falls to $60,700, a large $22 million could be taken out of the market. Martinez said that these kinds of liquidations might cause prices to drop even more as traders and buyers rush to get out of positions before they are liquidated.
Bitcoin’s Rise Spurs Martinez’s Warning
Martinez’s warning comes after the market went up after hearing that VanEck, an asset manager, had filed for a Spot Solana ETF with the US Securities and Exchange Commission (SEC). The news made Solana’s price go up by more than 8%, reaching a high point of $150.
The excitement about the US presidential debate also helped the market, but crypto didn’t become the main topic of conversation. Not only does VanEck’s filing mark a big step forward for Solana, but it also does for the whole crypto community, which could lead to more ETFs. This change is similar to how the market reacted when Spot Bitcoin and Ethereum ETFs were approved, which is what drove VanEck to make this move.
Martinez saw an Adam and Eve bottoming pattern forming on Bitcoin’s chart, which means the price could go up 6% to $66,000 if it can close above $62,000. He also saw a change in the market’s mood from hope to fear, which showed that the price was too low and hinted at a coming recovery.
Martinez suggested buying Bitcoin when it went down because the cryptocurrency’s relative strength index (RSI) showed that it was a good time to spend. Historical patterns point to a coming parabolic rise, so Martinez expects the crypto market as a whole to jump up a lot once Bitcoin starts to go up.
Javon Marks, another crypto expert, agreed with Martinez’s view and pointed out that Bitcoin’s RSI showed a bullish divergence pattern. Marks said that if this positive pattern continues, prices could go back up to $72,000 or even set new all-time highs.
