Few in the industry expected this Bitcoin crash last week or how far it will ultimately go. However, cryptocurrency analyst Ali Martinez is one of the analysts who was expecting another crash, and he apparently managed to predict where the price would ultimately bottom out. Following his correct prediction, Martinez has now revealed where he expects the price of BTC to go next.
Calling the low end of $54,500
After the crash that rocked the market, sending Bitcoin’s price below $50,000, the cryptocurrency began another rebound. That rebound saw it break above $57,000, prompting many in the space to predict a continuation of the bull run.
However, at the time, cryptocurrency analyst Ali Martinez revealed that the Bitcoin chart was showing a classic rising wedge pattern. This ultimately turned out to be bearish as Bitcoin price eventually lost support at $56,800 and fell even further.
Interestingly, when the cryptocurrency analyst presented the classic rising wedge pattern, he explained that a breakout below the aforementioned support would lead to down to $54,500On Wednesday, August 7th, this happened because BTC actually dropped to $54,500.
Now that the cryptocurrency is starting to rise again and the analyst’s prediction has come true, Martinez believes the price of bitcoin will rise even higher, outlining his goal in an analysis shared on Thursday.
Bitcoin is heading to $60,000
After accurately predicting that Bitcoin price will eventually drop to $54,500, according to Ali Martinez revealed where he expects the price to go next. To do this, the analyst explained that BTC is forming another pattern, and this time it is a bullish pennant.
According to him, this bullish pennant is emerging on a lower time frame but remains bullish nonetheless. From here, there are many targets to reach, with noticeable resistances along the way. However, cryptocurrency analysts believe that Bitcoin price will eventually cross $60,000 again.
In another post, a cryptocurrency analyst pointed out that it’s a good time to start Buying Bitcoin as the cryptocurrency market has once again plunged into extreme fear. Historically, these have been times when prices have bottomed out before bouncing back, so Martinez may have a point.
Long-term investors are already taking advantage of the buying opportunity to enhance their Bitcoin holdings. Over the past month, these long-term investors have purchased over 184,500 BTC, meaning they have spent a total of $10 billion buying Bitcoin.
Featured image created with Dall.E, chart from Tradingview.com
