Bitcoin, the top cryptocurrency in terms of market value, has crossed the $50,000 mark after a period of consolidation. This milestone has stirred excitement in the crypto community and caught the eye of analysts. Ali Martinez, one of them, shared insights on where BTC might be headed next.
A significant factor driving Bitcoin’s recent surge is the introduction of several exchange-traded funds (ETFs) in the U.S. market. These ETFs have attracted substantial investments from both institutional and retail investors, totaling billions of dollars.
Martinez notes that the BTC price shows a bullish pattern on shorter time frames—an ascending triangle. This pattern suggests a potential short-term price rise of about 1.60%. Ascending triangles typically indicate a continuation of an uptrend, hinting that Bitcoin’s upward momentum might continue.
Bitcoin’s Ascending Triangle: Key Price Levels
An ascending triangle has a horizontal resistance line and a rising trend line connecting higher lows. It shows buyers are slowly taking control as sellers can’t push the price down anymore. When the price breaks the resistance line, it confirms the pattern and signals more gains to come.
However, Martinez warns investors to monitor price movements around the $50,200 resistance and $50,000 support levels closely. These levels could sway Bitcoin’s short-term direction. A breach above $50,200 might signal further gains, while a drop below $50,000 could indicate a temporary downturn.
According to Tradingview, BTC is currently trading at the price of $49,654.20, boasting a market capitalization of $971.96 billion USD. Over the past 24 hours, the trading volume has reached $35.69 billion USD. Bitcoin’s value has decreased by 0.57% within this timeframe, while the circulating supply remains at 19.63 million units.
Related Reading | Shiba Inu’s Valentine Teaser: Love, Mystery, & Shiboshis