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

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.

On
July
5,
as

#Bitcoin
fell
to
$53,300,
the
weighted
sentiment
plummeted
to
-2
—
the
lowest
level
since
the
Covid-19
crash
in
March
2020!

pic.twitter.com/6B4sLzsXP0

—
Ali
(@ali_charts)

July
13,
2024

Related
Reading

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

Go to Source
Author: Opeyemi Sule

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