Cryptocurrency analyst Ali Martinez has offered his assessment of Bitcoin’s short-term outlook.
According to Martinez, Bitcoin continues to move within a rising channel formation that has been guiding price movements since April 9th, and it may be preparing for a new bounce from the current support level.
The analyst noted that Bitcoin has shown strong rebound rallies every time it touches the rising support line of the channel. According to data shared by Martinez, after finding support around $71,000 on April 13th, Bitcoin rose 11% to reach the upper band of the channel at $78,000. Similarly, after holding the $75,000 level on April 30th, the BTC price gained 10.52%, rising to $82,900.
Martinez noted that Bitcoin is currently retesting the rising support line, which is around $79,000. According to the analyst, if this level holds, Bitcoin could experience a new surge towards the upper end of the channel. The upper band of the channel is currently around $86,000.
On the other hand, Martinez added that losing the $79,000 support level would represent a significant technical breakout. According to the analyst, in this scenario, Bitcoin could retest lower support levels.
*This is not investment advice.
