Many were caught off-guard by the recent Bitcoin market crash and its extent. However, analyst Ali Martinez was one of the few who anticipated the crash and accurately predicted the price bottom. After this successful prediction, Martinez is now looking ahead to where the BTC price might be heading next.
Correctly Calling the $54,500 Bottom
After the market upheaval that pushed Bitcoin below $50,000, the cryptocurrency began a recovery phase. As the price surpassed $57,000, many believed the bullish trend would continue.
Nevertheless, Ali Martinez pointed out a bearish pattern – a rising wedge – in the Bitcoin chart that indicated a potential drop. The price indeed fell below $56,800 as predicted, hitting $54,500 on August 7.
With the completion of his previous forecast, Martinez now anticipates further price increases for Bitcoin, as outlined in his recent analysis on Thursday.
Bitcoin En Route to $60,000
Following the accurate $54,500 prediction, Martinez has identified a new pattern in BTC trading – a bull pennant. Despite appearing in lower timeframes, this pattern signifies bullish movement. Analysts project Bitcoin breaking the $60,000 mark again in the future.
Martinez also suggests that now is a favorable time to start buying Bitcoin, given that the market sentiment is skewed towards extreme fear. Historically, such situations have marked price bottoms before significant rallies.
Long-term investors are capitalizing on this buying opportunity by increasing their Bitcoin holdings. In the past month alone, they have acquired over 184,500 BTC worth $10 billion in total.
