The Bitcoin price has shown good signs of recovery over the past seven days, returning above $58,000 to end the week. Interestingly, a prominent crypto analyst on X has identified a chart formation signaling a potential continuation of this resurgence by the premier cryptocurrency.
Bitcoin Price Prints This Chart Pattern — What Next?
In a new post on the X platform, popular crypto analyst Ali Martinez shared an exciting analysis for the Bitcoin price over the next few days. According to the crypto pundit, the flagship cryptocurrency seems to be at a critical point for a bullish breakout that could see its price reclaim former highs.
The rationale behind Martinez’s projection is the formation of an ascending triangle pattern on the Bitcoin four-hour price chart. An ascending triangle refers to a technical analysis pattern that features a horizontal line drawn along swing highs and a rising trendline drawn along swing lows.
Typically, ascending triangles are referred to as continuation patterns, as price often breaks out of the triangle in the prevalent trend direction (uptrend or downtrend) in the triangle formation. However, this is not always the case with the chart pattern.
Martinez highlighted that if the Bitcoin price successfully breaks above the triangle’s horizontal line, which is set around the $59,200 resistance level, it could continue its recovery journey. According to the analyst, the premier cryptocurrency could rally as high as the $63,800 mark.
As of this writing, the price of Bitcoin stands at $59,431, breaking above the $59,200 following the failed assassination attempt on United States former President and vocal 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 Lowest Level Since 2020
In another post on X, Martinez revealed that Bitcoin’s weighted sentiment witnessed a plunge following the coin’s recent decline to $53,300. According to data from Santiment, the weighted sentiment fell to -2 on July 5, its lowest level since the COVID-19 crash in March 2020.
A negative sentiment is not exactly a good sign for the Bitcoin price, as it could be a signal of further downside for the coin. Although the Bitcoin weighted sentiment hit a multi-year low a little over a week ago, it is currently moving towards the positive side.
On July 5, as #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
However, the metric is still negative at around -0.47 based on Martinez’s post on Saturday, July 13. This could imply further downside for the price of flagship cryptocurrency.
Featured image from iStock, chart from TradingView
Opeyemi Sule
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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