bitcoin price has shown good signs of recovery over the past seven days, breaking back above $58,000 to end the week. Interestingly, a prominent cryptocurrency analyst at x has identified a chart formation that indicates a possible continuation of this resurgence of the leading cryptocurrency.
bitcoin Price Prints This Chart Pattern – What’s Next?
In a new post on the x platform, popular cryptocurrency analyst Ali Martinez x.com/ali_charts/status/1812094121290690762″ target=”_blank” rel=”nofollow”>shared An exciting bitcoin price analysis for the coming days. According to the crypto expert, the flagship cryptocurrency seems to be at a critical point for a bullish breakout that could see its price reclaim its previous highs.
The reason behind Martinez’s projection is the formation of an ascending triangle pattern on the four-hour price chart of bitcoin. An ascending triangle refers to a technical analysis pattern that features a horizontal line drawn along swing highs and an ascending trend line drawn along swing lows.
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Ascending triangles are usually referred to as continuation patterns, as the price usually breaks out of the triangle in the direction of the prevailing trend (uptrend or downtrend) in the formation of the triangle. However, this is not always the case with the chart pattern.
Martinez noted that if the price of bitcoin manages to break through the horizontal line of the triangle, which is located around the resistance level of $59,200, it could continue its recovery path. According to the analyst, the main cryptocurrency could rise to the $63,800 mark.
At the time of writing, the bitcoin price is sitting at $59,431, breaking above $59,200 following the failed assassination attempt on former US President and outspoken bitcoin supporter Donald Trump. A sustained break above this level would make the $63,800 price projection more likely than ever.
btc weighted sentiment drops to lowest level since 2020
In another post about x, Martinez x.com/ali_charts/status/1812245367792271375″ target=”_blank” rel=”nofollow”>revealed bitcoin's weighted sentiment plummeted following the coin's recent drop to $53,300. According to data from Santiment, the weighted sentiment fell to -2 on July 5, its lowest level since the COVID-19 crisis in March 2020.
Negative sentiment is not exactly a good sign for the bitcoin price, as it could be a sign of a further decline for the coin. Although bitcoin's weighted sentiment hit a multi-year low just over a week ago, it is currently moving towards the positive side.
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On July 5th, as twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin fell to $53,300, the weighted sentiment plummeted to -2, the lowest level since the Covid-19 crash in March 2020! image.twitter.com/6B4sLzsXP0
— Ali (@ali_charts) twitter.com/ali_charts/status/1812245367792271375?ref_src=twsrc%5Etfw” rel=”nofollow”>July 13, 2024
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However, the metric remains negative at around -0.47 according to Martinez's post on Saturday, July 13. This could imply a further drop in the price of the flagship cryptocurrency.
Featured image from iStock, chart from TradingView
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