{"id":629691,"date":"2024-07-14T07:00:23","date_gmt":"2024-07-14T07:00:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=629691"},"modified":"2024-07-14T06:51:06","modified_gmt":"2024-07-14T06:51:06","slug":"bitcoin-price-to-return-above-63000-heres-what-needs-to-happen","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-to-return-above-63000-heres-what-needs-to-happen\/","title":{"rendered":"Bitcoin Price To Return Above $63,000? Here\u2019s What Needs To Happen"},"content":{"rendered":"

The Bitcoin price has shown good signs of recovery<\/a> over the past seven days, returning above $58,000 to end the week. Interestingly, a prominent crypto analyst on X has identified a chart formation signaling a potential continuation of this resurgence by the premier cryptocurrency.<\/span><\/p>\n

Bitcoin Price Prints This Chart Pattern \u2014 What Next?<\/strong><\/h2>\n

In a new post on the X platform, popular crypto analyst Ali Martinez shared<\/a> an exciting analysis for the Bitcoin price over the next few days. According to the crypto pundit, the flagship cryptocurrency seems to be at a critical point for a bullish breakout that could see its price reclaim former highs.<\/span><\/p>\n

The rationale behind Martinez\u2019s projection is the formation of an ascending triangle pattern<\/a> on the Bitcoin four-hour price chart. An ascending triangle refers to a technical analysis pattern that features a horizontal line drawn along swing highs and a rising trendline drawn along swing lows.<\/span><\/p>\n

Related Reading: Why Did The Cardano Price Surge 17% Amid The Crypto Market Crash?<\/a><\/div>\n

Typically, ascending triangles are referred to as continuation patterns, as price often breaks out of the triangle in the prevalent trend direction (uptrend or downtrend) in the triangle formation. However, this is not always the case with the chart pattern.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: Ali_charts\/X<\/a><\/figcaption><\/figure>\n

Martinez<\/a> highlighted that if the Bitcoin price successfully breaks above the triangle\u2019s horizontal line, which is set around the $59,200 resistance level, it could continue its recovery journey. According to the analyst, the premier cryptocurrency could rally as high as the $63,800 mark.<\/span><\/p>\n

As of this writing, the price of Bitcoin stands at $59,431, breaking above the $59,200 following the failed assassination attempt on United States former President and vocal Bitcoin supporter Donald Trump. A sustained break above this level would make the $63,800 price projection more likely than ever.<\/span><\/p>\n

BTC Weighted Sentiment Falls To Lowest Level Since 2020<\/strong><\/h2>\n

In another post on X, Martinez revealed<\/a> that Bitcoin\u2019s weighted sentiment witnessed a plunge following the coin\u2019s recent decline to $53,300. According to data from Santiment, the weighted sentiment fell to -2 on July 5, its lowest level since the COVID-19 crash in March 2020.\u00a0<\/span><\/p>\n

A negative sentiment is not exactly a good sign for the Bitcoin price, as it could be a signal of further downside for the coin. Although the Bitcoin weighted sentiment hit a multi-year low a little over a week ago, it is currently moving towards the positive side.<\/span><\/p>\n

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On July 5, as #Bitcoin<\/a> fell to $53,300, the weighted sentiment plummeted to -2 \u2014 the lowest level since the Covid-19 crash in March 2020! pic.twitter.com\/6B4sLzsXP0<\/a><\/p>\n

— Ali (@ali_charts) July 13, 2024<\/a><\/p><\/blockquote>\n