- Crypto analysts are observing Bitcoin’s situation and looking for a breakout.
- Bitcoin’s next major move depends on the direction of the next breakout.
- The overall Bitcoin sentiment suggests a bearish trend until external changes happen.
Bitcoin analysts observing the cryptocurrency’s recent behavior think a major move is imminent, but the direction of the move is yet uncertain.
Bitcoin’s Symmetric Triangle
Renowned cryptocurrency technical analyst, Ali Martinez, says Bitcoin is bound to break out of a symmetrical triangle soon. The analyst highlighted a pattern on Bitcoin’s 4-hour chart, showing how the cryptocurrency is testing the upper boundary of the triangle just below $63,000.
According to Martinez, a decisive close outside the upper limit of the symmetrical triangle could trigger a 10% price expansion and push prices higher, as momentum unlocks. Meanwhile, a pullback and a break in the opposite direction could intensify bearish pressure, especially if BTC closes below the $61,000 support.
Martinez told his followers on X that he is closely monitoring Bitcoin’s volume at the cited boundaries to catch the early signs of a sustained breakout.
Related: Bitcoin Power Law Points to $400,000 Long Term
The Key Levels for Bitcoin
Like Martinez, prominent crypto investor Ted Pillows considers $61,000 the next support zone for Bitcoin. Pillows noted that the cryptocurrency has been holding that level despite stocks and precious metals making new local lows.
Although Pillows foresees a potential drop for Bitcoin in the longer term, he thinks the cryptocurrency could push a bit higher from its current level before turning around in the third quarter of the year.
In the meantime, Pillows’ chart illustration suggests multiple outcomes for Bitcoin, including a brief rally to the $64,000 region before a reversal, BTC moving higher to $67,000, or the digital asset surging to $70,000 before turning around.
On the contrary, the renowned crypto investor believes that if Bitcoin drops below $61,000 from its current level, the cryptocurrency will either find support around $59,000 or continue lower to $56,500 before reversing.
TradingView’s data reveal Bitcoin traded at $62,832 at the time of writing, reflecting a 6.7% recovery from its recent drop to $59,100, which marked a yearly low for the crypto asset. Most analysts believe Bitcoin’s bearish trend will continue into the year until macro indicators and other external factors shift from their current conditions and boost investors’ confidence.
Related: SpaceX IPO Is Draining Capital From Crypto, Has Bitcoin Lost?
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