Anika Begay
Not many in the industry predicted Bitcoin’s crash last week or how far it would eventually go. However, cryptocurrency analyst Ali Martinez is one of the analysts who expected another crash, and he apparently managed to predict where the price would bottom out. After his correct prediction, Martinez has now revealed where he expects BTC’s price to go next.
Call the minimum of $54,500
After the market-shaking crash that sent Bitcoin’s price below $50,000, the cryptocurrency began another recovery. This recovery saw a break above $57,000, prompting many in the industry to predict a continuation of the bullish rally.
However, at the time, cryptocurrency analyst Ali Martinez revealed that the Bitcoin chart was showing a classic rising wedge pattern. This was ultimately bearish as the price of Bitcoin eventually lost support at the $56,800 level and fell further.
Interestingly, when the cryptocurrency analyst presented the classic rising wedge pattern, he explained that a break below the aforementioned support would lead to a drop to $54,500. This occurred on Wednesday, August 7, as BTC actually dropped to $54,500.
Now that the cryptocurrency price is recovering again and the analyst’s forecast has been completed, Martinez believes that the price of Bitcoin will continue to rise from here on out, and he presented his target in an analysis shared on Thursday.
Bitcoin Headed To $60,000
Following his accurate prediction that Bitcoin price would drop to $54,500, Ali Martinez revealed where he expects the price to go next. To do so, the analyst explained that BTC is forming another pattern, and this time it is a bullish pennant.
According to him, this bullish pennant appears on the lower timeframes, but it still remains bullish. From here, there are more targets to hit, with significant resistance along the way. However, cryptocurrency analysts believe that the price of Bitcoin will eventually break above $60,000 again.
In another post, the cryptocurrency analyst noted that it is a good time to start buying Bitcoin, as the cryptocurrency market has fallen into extreme fear. Historically, these have been periods when prices have bottomed out before recovering, so Martinez may be right.
Long-term traders are already using the buying opportunity to increase their Bitcoin holdings. Over the past month, these long-term holders have purchased more than 184,500 BTC, meaning they have spent a total of $10 billion to buy Bitcoin.
Featured image created with Dall.E, chart from Tradingview.com
