Analyst Who Predicted Bitcoin Crash To $54,500 Reveals Where Price Is Headed Next

Not
many
in
the
industry
anticipated
the
Bitcoin
crash
last
week
or
how
far
it
will
eventually
go.
However,
crypto
analyst
Ali
Martinez
is
one
of
the
analysts
who
expected
another
crash,
and
had
seemingly
managed
to
predict
where
the
price
would
eventually
bottom.
Following
his
correct
prediction,
Martinez
has
now
revealed
where
he
expects
the
BTC
price
to
be
headed
next.

Calling
The
$54,500
Bottom

Following
the
crash
that
rocked
the
market,
sending
the
Bitcoin
price
below
$50,000,
the
cryptocurrency
had
begun
another
recovery.
This
recovery
saw
a
break
above
$57,000,
prompting
many
in
the
space
to
forecast
a
continuation
of
the
bull
rally.

However,
at
the
time,
crypto
analyst
Ali
Martinez
revealed
that
the
Bitcoin
chart
was
showing
a
classic
rising
wedge
pattern.
This
was
ultimately
bearish
as
the
Bitcoin
price
ended
up
losing
support
at
the
$56,800
level
and
falling
farther.

Interestingly,
when
the
crypto
analyst
presented
the
classic
rising
wedge
pattern,
he
explained
that
a
break
below
the
mentioned
support
would
lead
to
a
decline
to
$54,500.
On
Wednesday,
August
7,
this
came
to
pass
as
the
BTC
did
indeed
fall
as
low
as
$54,500.

Now
that
the
cryptocurrency’s
price
is
recovering
once
more
and
the
analyst’s
prediction
has
been
completed,
Martinez
believes
that
the
Bitcoin
price
will
rise
further
from
here,
presenting
his
target
in
an
analysis
shared
on
Thursday.

Bitcoin
Headed
For
$60,000

Following
the
accurate
prediction
that
the
Bitcoin
price
would
eventually
fall
to
$54,500,
Ali
Martinez
has
revealed
where
he
expects
the
price
to
go
next.
To
do
this,
the
analyst
explained
that
BTC
is
forming
another
pattern,
and
this
time,
it’s
a
bull
pennant.

According
to
him,
this
bull
pennant
appears
in
the
lower
timeframes
but
remains
bullish
nonetheless.
From
here,
there
are
multiple
targets
to
hit,
with
notable
resistances
along
the
way.
However,
crypto
analysts
believe
that
the
price
of
Bitcoin
will
eventually
cross
$60,000
once
again.

In
another
post,
the
crypto
analyst
pointed
out
that
it
is
a
good
time
to
begin
buying
Bitcoin
as
the
crypto
market
has
fallen
back
into
extreme
fear.
This
has
historically
been
times
when
prices
hit
their
bottoms
before
rallying,
so
Martinez
may
be
on
to
something
here.

Long-term
traders
are
already
taking
advantage
of
the
buying
opportunity
to
add
to
their
Bitcoin
holdings.
Over
the
last
month,
these
long-term
holders
have
bought
more
than
184,500
BTC,
which
means
they
have
spent
a
total
of
$10
billion
buying
Bitcoin.

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image
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with
Dall.E,
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