Bitcoin remains capable of reaching $86,000 despite price drop: Analyst

While Bitcoin is currently experiencing a slow decline below the $80,000 level, popular crypto analyst Ali Martinez said: predicted Despite the recent decline, this asset could still be on track for further price appreciation.

The analyst shared technical analysis on Bitcoin’s price structure, revealing that the asset continues to trade within a well-defined upward channel that has determined price movements since April 9th.

He noted that at every point where Bitcoin retests the channel’s lower support boundary, the asset has moved in a repeating pattern, producing strong price appreciation.

Bitcoin number is $86,000

According to the analyst, Bitcoin has rebounded for the first time since its low of $71,000 on April 13. This triggered an 11% rally and sent Bitcoin to the top of the channel at around $78,000.

Additionally, a similar pattern was observed on April 30th, when Bitcoin surged 10.5% from the $75,000 support level to around $82,900.

While the analyst believes the same pattern is forming again, he notes that Bitcoin is once again testing the same upward support structure and identified a new support level at $79,000.

Therefore, if Bitcoin can maintain its momentum and buyers manage to sustain this level, there is a good chance. Bitcoin It could soar to $86,000, the high of the current channel forecast.

What are the odds?

While the shared technical analysis is mostly supported by the cryptocurrency community, market participants are expressing confidence in Bitcoin’s potential for large price movements soon.

Nevertheless, the analyst also pointed out that Bitcoin could face a reversal outcome if it falls below the $79,000 support zone. This could invalidate the ongoing trend and suggest a deeper price correction towards lower support levels.