In the cryptocurrency market, especially Bitcoin’s price movements are closely followed by investors. While BTC prices have fallen below 80 thousand dollars in recent days, the technical analysis published by Ali Martinez, one of the well-known crypto analysts in the market, showed that a new rise may be possible after this decline.
Ascending channel and repeated price movements
According to Ali Martinez’s analysis, the Bitcoin price has been moving within a distinct upward channel since April 9. Martinez points out that patterns are observed in which the price jumps sharply upwards every time BTC touches the support line below this channel.
On April 13, BTC dropped to 71 thousand dollars. According to Martinez, the support at this point worked and immediately afterwards, Bitcoin reached $78,000, the upper band of the channel, with an increase of approximately 11 percent.
A similar price movement was seen on April 30. Bitcoin held on at the support level of $75,000 and gained 10.5 percent in a short time, rising to $82,900.
Critical level for the new wave
The analyst states that currently BTC has touched the same channel formation again and this time the support stands out at $ 79 thousand. If the price can hold at this level, the possibility of a new rebound technically seems strong.
According to Martinez’s prediction, Bitcoin could move towards $86,000, which is projected as the upper limit of the channel, as in previous similar movements, if buyers maintain momentum. CryptoAppsy According to data, Bitcoin price is currently at 79 thousand dollars.
According to the analysis, it is stated that “Bitcoin has touched the support at $ 79 thousand in the upward channel again, and if this level is maintained, a new strong rise may be possible.”
On the other hand, it is also warned that if Bitcoin breaks this support, the current rising trend may be disrupted and the possibility of a harsher correction may arise. The analyst underlines that the technical outlook can change rapidly depending on the behavior of buyers.
General expectation in the market
In the cryptocurrency community, the analysis shared by Martinez is generally received positively. Many commentators and participants in the market think that Bitcoin may start a new upward move with the current technical outlook.
However, it should not be forgotten that technical analysis can be misleading and upside expectations can change rapidly if the price loses important support levels.
In the short term, the $79,000 level is of great importance for both investors and technical analysts. Bitcoin’s movement at this point may determine the direction of the price in the coming period.
