Influential cryptocurrency analyst and trader Ali Martinez said on Monday that Bitcoin (CRYPTO: BTC) is nearing a bottom, marking the start of a major accumulation cycle.

Selling Pressure To Increase?

In an X thread, Martinez weighed in on the next possible moves of the apex cryptocurrency.

The analyst noted that Bitcoin’s latest crash to $59,000 has effectively flushed out overleveraged premiums across the board, with long-term holders selling over $3 billion in spot BTC.

Martinez said the distributed supply has temporarily pushed up exchange reserves, which is likely to increase short-term selling pressure.

BTC Levels To Watch Out For

Martinez further highlighted that after Bitcoin’s…

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