Prominent Analyst: "Bitcoin, There's Still an Opportunity"...If It Holds 'Here', It Goes to $86,000

▲ Bitcoin (BTC)

An analysis suggests that even with Bitcoin (BTC) having fallen below $80,000, the possibility of a rebound towards $86,000 remains. U.Today reported on May 14 (local time) that cryptocurrency analyst Ali Martinez presented the possibility of a further rebound, stating that Bitcoin is moving within an ascending channel despite recent corrections.

Martinez analyzed that Bitcoin's price structure has been moving within a clear ascending channel since April 9. He explained that Bitcoin has repeatedly rebounded towards the upper range whenever it tested the lower support line of that channel.

The first rebound occurred on April 13 from a low of $71,000. At that time, Bitcoin rose by approximately 11%, reaching around $78,000, the upper part of the channel. A similar pattern was observed on April 30, with Bitcoin recovering to approximately $82,900 after rising about 10.5% from the $75,000 support level.

Martinez believes that the same structure is forming again. He identified $79,000 as a new support level, analyzing that Bitcoin is once again testing its ascending support structure.

If buying pressure holds the $79,000 range and upward momentum is maintained, the next target is set at $86,000. This corresponds to the upper projection of the current ascending channel.

However, downside risks were also mentioned. Martinez believes that if Bitcoin breaks below the $79,000 support level, the current upward trend could be invalidated. In this scenario, it could signal a deeper correction towards lower support levels.

U.Today reported that although Bitcoin has recently undergone a moderate correction below $80,000, it has not completely lost its potential for a rebound due to its technical structure. The key lies in defending the $79,000 support level and the re-entry of buying pressure.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*