- The 1-hour chart showed BTC forming an asymmetrical triangle, indicating a breakout
- If the price closes above the resistance, it could soon reach an all-time high.
Bitcoins [BTC] The price seemed to have shown two opposing signals. If one passes, it could make way for a higher value. However, if the other comes first, holders of the coin will experience a price drop.
Analyst Ali Martinez made this known in two different posts on
It’s a breakout or a breakdown
But there was one condition attached to it. The prediction could only come true if Bitcoin closes above the resistance at $69,330.
An asymmetrical triangle is created when two trend lines with opposite slopes meet. A close above the upper resistance in this case triggers a breakout.
Source:
On the other hand, if the price settles into support, a notable correction could be next. At the time of writing, Bitcoin was changing hands at $69,031, meaning it was close to the resistance point.
However, the analyst second message targeting the Tom DeMark (TD) Sequential. According to him, this indicator had given a sell signal that could send BTC down to $68,050.
Again he said that the next direction for the coin depends on the resistance as mentioned earlier. In addition to this technical data, it is also important to look at Bitcoin’s price action from an on-chain perspective.
One of the metrics that AMBCrypto examined was the Coin Days Destroyed (CDD). This measure indicates how far long-term coins move in large quantities.
HODLing continues as the hunt for liquidity begins
If the CDD is high, BTC can become extremely volatile and selling pressure can cause a price drop. This was the situation with Bitcoin on May 28.
However, press time data showed that the CDD had fallen to 4.55 million. In this case, long-term coins don’t move around because participants are stuck holding them.
Source: Glassnode
If this continues, the bullish forecast at $74,400 could triumph over the potential decline to $68,050. To substantiate this point, AMBCrypto also looked at the liquidation heatmap.
The heatmap can help traders identify areas of high liquidity. And if there is a magnetic area, the price can rise in that direction. At the time of writing, there was a high liquidity level of $70,300, indicating that Bitcoin could hit the price.
Source: Hyblock
Read Bitcoin’s [BTC] Price forecast 2024-2025
If achieved, it could lead to a breakout to $74,500, where another magnetic zone existed. However, if the uptrend is rejected, Bitcoin could fall to $65,050.
But looking at the analyzed cases and statistics, it seems that BTC will rise above $74,000.
