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.
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