Sui Plunges 48% as Bearish Pattern Emerges Bitcoin Consolidates Awaiting 20% Move

Cryptocurrency analyst and trader Ali Martinez has expressed a bearish outlook on Sui (SUI), a competitor of Solana (SOL). Martinez, who has a significant following on the social media platform X, has identified a bearish pattern forming in Sui's price action. According to Martinez, Sui has been shaping a head and shoulders pattern since November 2024, with the neckline at $3 serving as a crucial support level. The recent price action has formed the pattern’s right shoulder, which is not a positive sign. Following the recent break of the $3 support level, the odds of a 40% correction, taking Sui to $1.60, have increased significantly.

At the time of writing, Sui is trading at $2.73, which is approximately 48% lower than its all-time high of $5.35 reached in early January. Martinez's analysis suggests that Sui is at risk of a sharp correction, which could have significant implications for investors in the cryptocurrency market.

In addition to his analysis on Sui, Martinez has also provided insights into the potential movements of Bitcoin (BTC). He notes that Bitcoin is currently consolidating within a triangle pattern, which sets the stage for a potential 20% price move. This consolidation phase is crucial as it could indicate the direction of Bitcoin's next significant movement.

Martinez further highlights that the supply of Bitcoin in the hands of long-term holders, defined as entities that have kept their coins dormant for over 155 days, has grown between February 11th and March 5th. According to data from the blockchain analytics platform, the supply of Bitcoin currently in the hands of long-term holders stands at 13,195,498 BTC. This increase in long-term holding suggests that investors are accumulating Bitcoin, which could be a bullish sign for the cryptocurrency's future price movements.

At the time of writing, Bitcoin is trading at $89,170. Martinez's analysis provides valuable insights into the current state of the cryptocurrency market, particularly for investors interested in Sui and Bitcoin. His bearish outlook on Sui and the potential for a significant price move in Bitcoin highlight the volatility and uncertainty in the cryptocurrency market. Investors are advised to conduct their own due diligence before making any high-risk investments