Bitcoin’s price has shown strong signs of improvement over the past week, rising above $58,000 by the end of the week. A well-known crypto expert on the X platform has found a pattern on the charts that could mean this upward trend will continue.
Ali Martinez, a well-known crypto analyst, recently wrote an article in which he was positive about the future of Bitcoin’s price. Martinez says that Bitcoin is at a very important point for a bullish breakout, which could lead it to hit all-time highs.
Bitcoin Eyes $63,800 Target
Martinez’s research is based on the fact that Bitcoin’s four-hour price chart shows an ascending triangle shape. A straight line along the swing highs and a rising trendline along the swing lows make up this pattern. It usually means that the current trend will continue. Ascending triangles often end with breaks going in the direction of the main trend, but this isn’t always the case.
According to Martinez, Bitcoin’s price could keep going up if it breaks through the triangle’s horizontal support at around $59,200. He thinks Bitcoin could go up to about $63,800. At the moment, BTC is trading at $59,431.
It broke through the $59,200 barrier after the failed attempt to kill former U.S. President and BTC supporter Donald Trump. It’s more likely that the $63,800 target will be reached if this level is broken for a long time.
Martinez said in another X post that BTC weighted mood is now getting better after falling sharply on the market to $53,300. According to Santiment data, the mood dropped to -2 on July 5. This was the lowest number since the COVID-19 crash in March 2020. Negative sentiment can mean that things could get worse, but recent changes point to a brighter future.
Even though things have been getting better lately, the weighted mood is still negative at about -0.47 as of July 13. This persistent criticism suggests that Bitcoin’s price still has some downside risk.
