As the cryptocurrency sector opens the week on a more bullish note, its representative asset Bitcoin (BTC) has surpassed a critical resistance level and is looking at an imminent breakout that could culminate with an $85,000 price peak, according to a renowned crypto expert.
Specifically, professional crypto trader Ali Martinez has recently observed that Bitcoin appeared to be breaking out of its symmetrical triangle chart pattern and that holding above $70,8000 would make $85,000 its next target, as he explained in an X post on April 8.
Bitcoin price prediction
Indeed, as Martinez’s analysis demonstrates, the flagship decentralized finance (DeFi) asset’s apparent coming out of this pattern at the above crucial resistance point suggests it is moving in an uptrend and that further price increases will ensue, perhaps even to a new all-time high (ATH).
Meanwhile, the maiden crypto asset was at press time changing hands at the price of $72,720, which suggests a 4.93% gain in the last 24 hours, adding up to the 3.93% advance accumulated across the previous seven days, as well as increasing 5.55% on its monthly chart, as per the latest data.
All things considered, Bitcoin could, indeed, meet the analyst’s optimistic expectations and hit the $85,000 price target soon, particularly against the backdrop of the upcoming BTC halving date on April 17, which could help its looming price rally.
That said, the gains that should follow the Bitcoin halving date will probably be lower in comparison to its advances after previous halving events, as the percentage increase post-halving has diminished over time, so doing one’s own research is critical before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
