The Bitcoin price has shown good signs of recovery over the past seven days, reaching above $58,000 at the end of the week. Interestingly, a prominent crypto analyst on
Bitcoin Price Prints This Chart Pattern – What Now?
In a new post on the X platform, popular crypto analyst Ali Martinez says shared an exciting analysis for the Bitcoin price in the coming days. According to the crypto expert, the flagship cryptocurrency appears to be at a critical point for a bullish breakout that could see its price regain previous highs.
The rationale behind Martinez’s projection is the formation of an ascending triangle pattern on Bitcoin’s four-hour price chart. An ascending triangle refers to a technical analysis pattern with a horizontal line along the swing highs and an ascending trend line along the swing lows.
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Normally, ascending triangles are called continuation patterns because price often breaks out of the triangle in the prevailing trend direction (up or down trend) in the triangle formation. However, this is not always the case with the chart pattern.
Martinez emphasized that if the Bitcoin price were to successfully break above the horizontal line of the triangle, which is around the $59,200 resistance level, the recovery trajectory could continue. According to the analyst, the leading cryptocurrency could rise to $63,800.
At the time of writing, Bitcoin’s price stands at $59,431, rising above $59,200 following the failed assassination attempt on former United States 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 falls to its lowest level since 2020
In another post on X, Martinez revealed that Bitcoin’s weighted sentiment witnessed a dip following the coin’s recent decline to $53,300. According to Santiment data, weighted sentiment fell to -2 on July 5, the lowest level since the COVID-19 crash in March 2020.
Negative sentiment is not exactly a good sign for the Bitcoin price, as it could signal further downside for the coin. Although Bitcoin-weighted sentiment hit a multi-year low just over a week ago, it is currently trending toward the upside.
On July 5, if #Bitcoin fell to $53,300, weighted sentiment plummeted to -2 – the lowest level since the Covid-19 crash in March 2020! pic.twitter.com/6B4sLzsXP0
— Ali (@ali_charts) July 13, 2024
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However, the statistic is still negative at around -0.47, based on Martinez’s post on Saturday, July 13. This could mean a further detriment to the price of the flagship cryptocurrency.
Featured image from iStock, chart from TradingView