As a researcher with experience in crypto market analysis, I find the recent Bitcoin price action and chart formations intriguing. The ascending triangle pattern identified by popular crypto analyst Ali Martinez could potentially signal a continuation of Bitcoin’s recovery journey if the price breaks above the resistance level of $59,200. This bullish breakout could lead to further gains for Bitcoin, potentially reaching $63,800 or even higher.
Over the last week, Bitcoin‘s price has exhibited promising signs of rebound, surpassing $58,000 once more to conclude the period. Notably, a well-known cryptocurrency analyst at X has spotted a chart pattern suggesting that Bitcoin might continue its upward trend.
Bitcoin Price Prints This Chart Pattern — What Next?
In his latest update on the X platform, renowned crypto analyst Ali Martinez presents an intriguing perspective on Bitcoin’s potential price movement in the upcoming days. Based on his assessment, Bitcoin appears poised for a bullish surge that may propel its value back to previous peak levels.
The reason Martinez is projecting this outcome for Bitcoin’s price on the four-hour chart is because an ascending triangle pattern has formed. An ascending triangle is a technical analysis figure where a flat line connects peak prices, while a rising trendline links trough prices.
As a crypto investor, I’ve noticed that ascending triangles are commonly described as continuation patterns because the price trend tends to carry on in the same direction after breaking out of the triangle. However, it’s essential to keep in mind that this isn’t always the case. Sometimes, the price may surprise us and break out in the opposite direction despite the triangle formation suggesting an ongoing trend.
The analyst, Martinez, pointed out that if Bitcoin’s price manages to surpass the triangle’s horizontal line, currently hovering around the $59,200 resistance level, it may resume its upward trend, potentially reaching a peak of $63,800.
At present, the cost of Bitcoin is $59,431, surpassing the previous mark of $59,200 after a failed assassination attempt on former US President Donald Trump, who has been an advocate for Bitcoin. If this level holds, reaching the predicted price of $63,800 becomes more plausible than before.
BTC Weighted Sentiment Falls To Lowest Level Since 2020
As a crypto investor, I’ve noticed that Bitcoin’s sentiment took a hit following its recent dip to $53,300. According to Santiment’s data, this negative sentiment reached its lowest point since the COVID-19 market crash in March 2020, registering at -2 on July 5th.
The lack of positive sentiment towards Bitcoin isn’t great news for its price, as it might indicate that the cryptocurrency could continue to decrease in value. However, despite hitting a multi-year low for Bitcoin sentiment about a week ago, it’s now trending back up towards more positive territory.
On July 5th, as Bitcoin dipped to a price of $53,300, the overall sentiment expressed by market analysts and traders weighed heavily negative, registering at a record low of -2 – the most pessimistic outlook since the stock market downturn caused by Covid-19 in March 2020.
— Ali (@ali_charts) July 13, 2024
Based on Martinez’s recent post from July 13, the metric remains at approximately -0.47. This figure suggests a potential continuation of downward trends for the price of the flagship cryptocurrency.
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2024-07-14 10:17