Not many in the industry anticipated the Bitcoin crash last week or how far it will eventually go. However, crypto analyst Ali Martinez is one of the analysts who expected another crash, and had seemingly managed to predict where the price would eventually bottom. Following his correct prediction, Martinez has now revealed where he expects the BTC price to be headed next.
Calling The $54,500 Bottom
Following the crash that rocked the market, sending the Bitcoin price below $50,000, the cryptocurrency had begun another recovery. This recovery saw a break above $57,000, prompting many in the space to forecast a continuation of the bull rally.
However, at the time, crypto analyst Ali Martinez revealed that the Bitcoin chart was showing a classic rising wedge pattern. This was ultimately bearish as the Bitcoin price ended up losing support at the $56,800 level and falling farther.
Interestingly, when the crypto analyst presented the classic rising wedge pattern, he explained that a break below the mentioned support would lead to a decline to $54,500. On Wednesday, August 7, this came to pass as the BTC did indeed fall as low as $54,500.
Now that the cryptocurrency’s price is recovering once more and the analyst’s prediction has been completed, Martinez believes that the Bitcoin price will rise further from here, presenting his target in an analysis shared on Thursday.
Bitcoin Headed For $60,000
Following the accurate prediction that the Bitcoin price would eventually fall to $54,500, Ali Martinez has revealed where he expects the price to go next. To do this, the analyst explained that BTC is forming another pattern, and this time, it’s a bull pennant.
According to him, this bull pennant appears in the lower timeframes but remains bullish nonetheless. From here, there are multiple targets to hit, with notable resistances along the way. However, crypto analysts believe that the price of Bitcoin will eventually cross $60,000 once again.
In another post, the crypto analyst pointed out that it is a good time to begin buying Bitcoin as the crypto market has fallen back into extreme fear. This has historically been times when prices hit their bottoms before rallying, so Martinez may be on to something here.
Long-term traders are already taking advantage of the buying opportunity to add to their Bitcoin holdings. Over the last month, these long-term holders have bought more than 184,500 BTC, which means they have spent a total of $10 billion buying Bitcoin.
Featured image created with Dall.E, chart from Tradingview.com
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