Cryptocurrency analyst Ali Martinez shared his new views, including his latest predictions about the market.
According to Martinez, Bitcoin (BTC) price could currently be forming a rising wedge formation and seems to be signaling a retest of the $79,000 level.
At the time of writing, BTC is trading at $84,430.
On the other hand, the analyst stated that the critical resistance zone for Bitcoin is $86,000 and said that in case of a rejection from this level, the route is back to $79,000, and in case this level is exceeded, the path is towards $97,000.
However, Joao Wedson, CEO of cryptocurrency analysis company Alphractal, said in his statement that the difference between the futures price and the spot price in Bitcoin has decreased, which could be an optimistic sign.
According to Wedson, this difference is currently still negative, reflecting the selling pressure in the futures market. However, this difference has started to close. According to the analyst, this could be the first sign that bearish sentiment is starting to fade. The analyst explained the historical significance of this metric as follows:
Historically, when the Futures-Spot Range turns positive, it usually precedes a strong BTC rally. We saw this in 2020-2021 (BTC rose from around $10k to $65k) and again in 2024 ($90k). A positive range indicates that traders are willing to pay a premium for futures and reflects continued confidence in the upside.
*This is not investment advice.
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