Bitcoin, the world's largest cryptocurrency, has lost another support level of $26,000 and is currently under selling pressure. However, according to crypto analyst Ali Martinez, historical data suggests that Bitcoin triggers a bull run when its price surpasses the average cost basis of holders with a 6-month to 3-year track record, which is currently identified at $33,755.
Other market analysts, such as Bloomberg's senior commodity strategist Mike McGlone, have also shared similar opinions on Bitcoin's price recovery. Despite this, there are valid reasons for the downward trend to persist, such as tightening measures implemented by the Federal Reserve and most central banks. Additionally, Bitcoin is forming a chart pattern similar to the one before the 2021 price crash, which could lead to a major correction.
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