Bitcoin Price To Return Above $63,000? Here’s What Needs To Happen
2024年7月14日 - 4:00PM
NEWSBTC
The Bitcoin price has shown good signs of recovery over the past
seven days, returning above $58,000 to end the week. Interestingly,
a prominent crypto analyst on X has identified a chart formation
signaling a potential continuation of this resurgence by the
premier cryptocurrency. Bitcoin Price Prints This Chart Pattern —
What Next? In a new post on the X platform, popular crypto analyst
Ali Martinez shared an exciting analysis for the Bitcoin price over
the next few days. According to the crypto pundit, the flagship
cryptocurrency seems to be at a critical point for a bullish
breakout that could see its price reclaim former highs. The
rationale behind Martinez’s projection is the formation of an
ascending triangle pattern on the Bitcoin four-hour price chart. An
ascending triangle refers to a technical analysis pattern that
features a horizontal line drawn along swing highs and a rising
trendline drawn along swing lows. Related Reading: Why Did The
Cardano Price Surge 17% Amid The Crypto Market Crash? Typically,
ascending triangles are referred to as continuation patterns, as
price often breaks out of the triangle in the prevalent trend
direction (uptrend or downtrend) in the triangle formation.
However, this is not always the case with the chart pattern.
Martinez highlighted that if the Bitcoin price successfully breaks
above the triangle’s horizontal line, which is set around the
$59,200 resistance level, it could continue its recovery journey.
According to the analyst, the premier cryptocurrency could rally as
high as the $63,800 mark. As of this writing, the price of Bitcoin
stands at $59,431, breaking above the $59,200 following the failed
assassination attempt on United States former President and vocal
Bitcoin supporter Donald Trump. A sustained break above this level
would make the $63,800 price projection more likely than ever. BTC
Weighted Sentiment Falls To Lowest Level Since 2020 In another post
on X, Martinez revealed that Bitcoin’s weighted sentiment witnessed
a plunge following the coin’s recent decline to $53,300. According
to data from Santiment, the weighted sentiment fell to -2 on July
5, its lowest level since the COVID-19 crash in March 2020. A
negative sentiment is not exactly a good sign for the Bitcoin
price, as it could be a signal of further downside for the coin.
Although the Bitcoin weighted sentiment hit a multi-year low a
little over a week ago, it is currently moving towards the positive
side. Related Reading: 180% Upside For Fetch.ai (FET)? Analyst
Makes Bold Prediction Amid Market Jitters However, the metric is
still negative at around -0.47 based on Martinez’s post on
Saturday, July 13. This could imply further downside for the price
of flagship cryptocurrency. Featured image from iStock, chart from
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