Cryptocurrency analyst Ali Martinez gave his assessment of Bitcoin’s short-term prospects.
According to Martinez, Bitcoin continues to move in the ascending channel formation that has guided its price movements since April 9, and could be preparing for a new rebound from current support levels.
The analyst noted that every time Bitcoin touches the ascending support line of the channel, it rallies strongly. After finding support near $71,000 on April 13, Bitcoin rose 11% to reach the upper end of the channel at $78,000, according to data shared by Martinez. Similarly, BTC price held the $75,000 level on April 30th and then rose by 10.52% to $82,900.
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Martinez noted that Bitcoin is currently retesting the rising support line around $79,000. According to the analyst, if this level holds, Bitcoin could experience another surge towards the top of the channel. The upper band for this channel is currently around $86,000.
Meanwhile, Martinez added that losing the $79,000 support level would mean a significant technical breakout. According to the analyst, in this scenario, Bitcoin could test lower support levels again.
*This is not investment advice.
