Bitcoin Price To Return Above $63,000? Here’s What Needs To Happen

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	15,235,696,907	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

15,235,696,907

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.01384	-3.11%	0.43147	0.43141	0.43157

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.01384

-3.11%

0.43147

0.43141

0.43157

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4528	0.4288	0.44531	0.44531	0.236800 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4528

0.4288

0.44531

0.236800 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:25:20	38.04	0.432	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:25:20

38.04

0.432

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,900,833.55	8,784,797.49	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

3,900,833.55

8,784,797.49

Bitcoin Price To Return Above $63,000? Here’s What Needs To Happen

14/07/2024 8:00am

NEWSBTC

The Bitcoin price has shown good signs of recovery 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. Bitcoin Price Prints This Chart Pattern — What Next? In a new post on the X platform, popular crypto analyst Ali Martinez shared 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. The rationale behind Martinez’s projection is the formation of an ascending triangle pattern 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. Related Reading: Why Did The Cardano Price Surge 17% Amid The Crypto Market Crash? 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. Martinez highlighted that if the Bitcoin price successfully breaks above the triangle’s 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. 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. BTC Weighted Sentiment Falls To Lowest Level Since 2020 In another post on X, Martinez revealed that Bitcoin’s weighted sentiment witnessed a plunge following the coin’s 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. 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. Related Reading: 180% Upside For Fetch.ai (FET)? Analyst Makes Bold Prediction Amid Market Jitters However, the metric is still negative at around -0.47 based on Martinez’s post on Saturday, July 13. This could imply further downside for the price of flagship cryptocurrency. Featured image from iStock, chart from TradingView

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