Bitcoin has dropped in price. good signs of recovery Over the last seven days, the cryptocurrency returned more than $58,000 at the end of the week. A prominent analyst at X identified a chart that could indicate a continuation of the resurgence.
Bitcoin Price Prints This Chart Pattern — What Next?
Ali Martinez, a popular crypto-analyst, has published a brand new article on the X Platform. shared Bitcoin Price Analysis: An Exciting Look at the Bitcoin Value Over the Years next Few days. Crypto pundit says that flagship cryptocurrency appears to be near a pivotal point in terms of a breakout bullish which may see the price return to previous highs.
Martinez’s reasoning behind the projection is that it forms an ascending triangle pattern On the Bitcoin 4-hour chart, you can see an ascending triangle. A technical analysis pattern called an ascending triangle is a combination of a horizontal trendline along the swing highs, and a vertical line along the swing lows.
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Ascending triangles tend to be referred as continuation patterns because the price will often break out in the direction of the dominant trend (uptrend, downtrend, etc.) when the triangle is formed. The chart pattern does not always follow this trend.
Martinez The analyst said that the Bitcoin price could resume its upward trend if it breaks through the horizontal triangle line which is located around $59,200. Analysts believe that Bitcoin could reach a high of $63,800.
Bitcoin is currently trading at $594321 after the assassination of Donald Trump, former US President who has been a vocal Bitcoin advocate. If this price level is sustained, the 63,800 projection becomes more probable.
BTC-Weighted Sentiment Drops to Lowest Level since 2020
Martinez posted another blog on X. revealed Bitcoin’s ‘weighted sentiment’ has seen a drop following its recent fall to $53,300. Santiment data shows that the sentiment index fell to -2 in July, its lowest since March 2020’s COVID-19 crash.
It is important to note that a negative sentiment could signal further price declines. It is encouraging to see that the sentiment based on Bitcoin has moved from a low of many years back to the upside.
As of the 5th July, #Bitcoin fell to $53,300, the 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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Martinez’s Saturday 13th July post shows that this metric remains negative. It is around minus 0.47. It is possible that the value of a flagship cryptocurrency will continue to decline.
Featured Image from iStock and chart from TradingView
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Source: www.newsbtc.com