Prominent Analyst: 'Bitcoin Still Has Opportunity'...If It Holds 'Here', It Will Reach $86,000

▲ Bitcoin (BTC)

Despite Bitcoin (BTC) falling below $80,000, analysis suggests that the possibility of a rebound towards $86,000 remains. U.Today reported on May 14 (local time) that cryptocurrency analyst Ali Martinez suggested 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 of the channel whenever it retested 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 near $78,000, the top of the channel. Subsequently, a similar trend appeared on April 30, with Bitcoin rising by about 10.5% from the $75,000 support level, recovering to near $82,900.

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

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

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

U.Today reported that although Bitcoin has recently experienced a gentle correction below $80,000, it has not completely lost its rebound potential in terms of 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.*