Not many in the industry anticipated the bitcoin/bitcoin-crash-rebound-90000/” rel=”nofollow noopener” target=”_blank”>bitcoin's fall last week or how far it will ultimately go. However, cryptocurrency analyst Ali Martinez is one of the analysts who expected another drop and had apparently managed to predict where the price would bottom out. Following his correct prediction, Martinez has now revealed where he expects the btc price to head next.
Calling the $54,500 fund
Following the market-shaking crash that sent the price of bitcoin below $50,000, the cryptocurrency had started another recovery, surpassing $57,000, leading many to predict a continuation of the bullish rally.
However, at the time, cryptocurrency analyst Ali Martinez x.com/ali_charts/status/1821195349265936504″ rel=”nofollow” target=”_blank”>revealed that the bitcoin chart was displaying a classic rising wedge pattern. This was ultimately bearish as the bitcoin price ended up losing support at the $56,800 level and continued to fall.
Interestingly, when the cryptocurrency analyst presented the classic ascending wedge pattern, he explained that a break below the mentioned support would lead to bitcoin-news/more-pain-ahead-analyst-warns-of-imminent-bitcoin-plunge-below-54000-to-fill-cme-gap/” rel=”nofollow noopener” target=”_blank”>a drop to $54,500On Wednesday, August 7, this happened when bitcoin-news/crypto-liquidations-1-billion-bitcoin-crashes-52000/” rel=”nofollow noopener” target=”_blank”>bitcoin In fact, it fell to $54,500.
Now that the cryptocurrency’s price is recovering once again and the analyst’s prediction has come true, Martinez believes that bitcoin’s price will rise even further from here, laying out his target in an analysis shared on Thursday.
bitcoin heads towards $60,000
Following the accurate prediction that bitcoin-news/imminent-death-cross-formation-emerges-for-bitcoin-time-to-sell-or-hold/” rel=”nofollow noopener” target=”_blank”>The price of bitcoin would eventually fall to $54,500, Ali Martinez has x.com/ali_charts/status/1821485038896058385″ rel=”nofollow” target=”_blank”>revealed where he expects the price to go next. To this end, the analyst explained that btc is forming another pattern, and this time, it is a bullish pennant.
According to him, this bullish pennant appears on the lower time frames, but it remains bullish nonetheless. From here, there are multiple targets to hit, with notable resistances along the way. However, cryptocurrency analysts believe that the bitcoin price will eventually cross $60,000 once again.
In another post, the cryptocurrency analyst noted that it is a good time to start btc/bitcoin-price-upsides-58k/” rel=”nofollow noopener” target=”_blank”>Buying bitcoin The cryptocurrency market has once again fallen into a state of extreme fear. Historically, these have been times when prices bottomed out before recovering, so Martinez may have a point.
Long-term traders are already taking advantage of the buying opportunity to increase their bitcoin holdings. Over the past month, these long-term holders have purchased over 184,500 btc, meaning they have spent a total of $10 billion on buying bitcoin.
Featured image created with Dall.E, chart from Tradingview.com
