{"id":569461,"date":"2024-01-14T09:50:06","date_gmt":"2024-01-14T09:50:06","guid":{"rendered":"https:\/\/wncen.com\/?p=569461"},"modified":"2024-06-11T09:40:35","modified_gmt":"2024-06-11T09:40:35","slug":"bitcoin-to-34000-analyst-predicts-next-move-for-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-to-34000-analyst-predicts-next-move-for-btc\/","title":{"rendered":"Bitcoin To $34,000? Analyst Predicts Next Move For BTC With This Chart Pattern"},"content":{"rendered":"

Bitcoin had a surprisingly underwhelming price performance over the past week despite the United States Securities and Exchange Commission (SEC) approving the trading of spot BTC ETFs. The price of the flagship cryptocurrency almost broke into $49,000 at the peak of this positive news but has since retraced back below $43,000<\/a>.<\/span><\/p>\n

Ali Martinez, a popular crypto analyst on the X platform, has offered insight into the current market climate of Bitcoin, highlighting that the cryptocurrency\u2019s price may face further downward pressure over the coming weeks.<\/span><\/p>\n

Analyst Forecasts 20% Price Drop For BTC\u00a0<\/strong><\/h2>\n

In a recent post on X<\/a>, the crypto pundit shared an update on his analysis of the Bitcoin\u2019s price chart on the three-day timeframe. On January 4, Martinez initially identified an ascending parallel channel, which seems to be governing the Bitcoin price action since September 2023.<\/span><\/p>\n

Related Reading: Solana Is Not Done: Analyst Identifies Bull Flag That Will Trigger Massive Rally Above $150<\/a><\/div>\n

In price analysis, an ascending parallel channel is a technical analysis pattern that features two parallel upward-sloping trend lines. While it is mostly a bullish chart pattern, the ascending parallel channel can signal a short-term bearish move<\/a> or even a trend reversal.<\/span><\/p>\n

\"Bitcoin\"<\/p>\n

BTC price in an ascending parallel channel on the three-day timeframe | Source: Ali_charts\/X<\/a><\/pre>\n
Martinez noted in his post that the current setup appears to be holding true after the Bitcoin price faced rejection from the parallel channel\u2019s upper boundary at $48,000. Following this price correction, the analyst has predicted $34,000 at the channel\u2019s lower boundary as the natural next stop for the premier cryptocurrency.<\/span><\/p>\n
A downward move to $34,000 would represent a significant 20% decline from Bitcoin\u2019s current price point. However, according to Martinez\u2019s analysis<\/a>, it might not be looking all gloomy for the world\u2019s largest cryptocurrency.<\/span><\/p>\n
On the bright side, the analyst expects a quick recovery for the Bitcoin price after the downward spiral to $34,000. Martinez said that the pioneer crypto could make a rebound back to the upper boundary at $57,000.<\/span><\/p>\n
Bitcoin Price Overview<\/strong><\/h2>\n
As of press time, the Bitcoin price stands at $42,909, reflecting a negligible 0.6% decline in the past 24 hours. The premier cryptocurrency has struggled to hold above $43,000 since experiencing a massive downturn to below $42,000 on Friday<\/a>.<\/span><\/p>\n
Related Reading: Shiba Inu Whales Eat The Dip: 2.39 Trillion SHIB Make Their Way To Cold Storage<\/a><\/div>\n
Meanwhile, BTC\u2019s profits since the turn of the year have been cut back to a mere 1.6%, putting the bullish future of the coin into question. Bitcoin is down by nearly 3% on the weekly timeframe, according to data from CoinGecko.<\/span><\/p>\n
Nevertheless, BTC maintains its position as the largest asset<\/a> in the cryptocurrency sector, with a market capitalization of roughly $841 billion.<\/span><\/p>\n
<\/p>\n
Bitcoin price hovers around $43,000 on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin had a surprisingly underwhelming price performance over the past week despite the United States Securities and Exchange Commission (SEC) approving the trading of spot BTC ETFs. The price of the flagship cryptocurrency almost broke into $49,000 at the peak of this positive news but has since retraced back below $43,000. Ali Martinez, a popular crypto analyst on the X platform, has offered insight into the current market climate of Bitcoin, highlighting that the cryptocurrency\u2019s price may face further downward pressure over the coming weeks. Analyst Forecasts 20% Price Drop For BTC\u00a0 In a recent post on X, the crypto pundit shared an update on his analysis of the Bitcoin\u2019s price chart on the three-day timeframe. On January 4, Martinez initially identified an ascending parallel channel, which seems to be governing the Bitcoin price action since September 2023. Related Reading: Solana Is Not Done: Analyst Identifies Bull Flag That Will Trigger Massive Rally Above $150 In price analysis, an ascending parallel channel is a technical analysis pattern that features two parallel upward-sloping trend lines. While it is mostly a bullish chart pattern, the ascending parallel channel can signal a short-term bearish move or even a trend reversal. BTC price in an ascending parallel channel on the three-day timeframe | Source: Ali_charts\/X Martinez noted in his post that the current setup appears to be holding true after the Bitcoin price faced rejection from the parallel channel\u2019s upper boundary at $48,000. Following this price correction, the analyst has predicted $34,000 at the channel\u2019s lower boundary as the natural next stop for the premier cryptocurrency. A downward move to $34,000 would represent a significant 20% decline from Bitcoin\u2019s current price point. However, according to Martinez\u2019s analysis, it might not be looking all gloomy for the world\u2019s largest cryptocurrency. On the bright side, the analyst expects a quick recovery for the Bitcoin price after the downward spiral to $34,000. Martinez said that the pioneer crypto could make a rebound back to the upper boundary at $57,000. Bitcoin Price Overview As of press time, the Bitcoin price stands at $42,909, reflecting a negligible 0.6% decline in the past 24 hours. The premier cryptocurrency has struggled to hold above $43,000 since experiencing a massive downturn to below $42,000 on Friday. Related Reading: Shiba Inu Whales Eat The Dip: 2.39 Trillion SHIB Make Their Way To Cold Storage Meanwhile, BTC\u2019s profits since the turn of the year have been cut back to a mere 1.6%, putting the bullish future of the coin into question. Bitcoin is down by nearly 3% on the weekly timeframe, according to data from CoinGecko. Nevertheless, BTC maintains its position as the largest asset in the cryptocurrency sector, with a market capitalization of roughly $841 billion. Bitcoin price hovers around $43,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":559130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87818,428,679,86326,1119,1122,78790],"class_list":["post-569461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-spot-etf","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin To $34,000? 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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