Bitcoin On Cusp Of Advancing Higher, But There's A Catch, Says Crypto Analyst

As the crypto market continues to evolve, prominent figures in the industry are sharing their insights on the potential paths of significant cryptocurrencies.

What Happened: Last Thursday, crypto analyst Ali Martinez shared his view on the trajectories of Bitcoin BTC/USD and Ethereum ETH/USD, shedding light on potential bullish trends and challenges ahead.

According to Martinez, BTC is gearing up for an upward trend. However, he anticipates a temporary dip, possibly to the $33,000 range, before this bullish breakout.

Martinez shared on X, “Bitcoin looks like it wants to pull back before advancing higher! BTC appears to have formed an ascending triangle on the hourly chart. As BTC trades below the hypotenuse, the odds increase for a 5% correction toward $33,000.”

#Bitcoin looks like it wants to pull back before advancing higher!$BTC appears to have formed an ascending triangle on the hourly chart. As #BTC trades below the hypotenuse, the odds increase for a 5% correction toward $33,000.

You can try this trading strategy at @bytradeio.… pic.twitter.com/IOPjq61oEq

— Ali (@ali_charts) October 26, 2023

Reflecting on Bitcoin's historical performance, Martinez suggested that the current cycle might peak around October 2025.

Also Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024

He wrote on the platform, “Examining the past two cycles from the market bottom and the present Bitcoin trend suggests it’s still a good time to buy BTC. A similar trajectory points to the next BTC market top around October 2025. We still got two exciting years ahead.”

At the time of writing, Bitcoin was trading at $34,331.51, up by about 15 percent in the last seven days. 

Speaking about Ethereum, Martinez cited data from crypto analytics firm IntoTheBlock. He highlighted a potential resistance for Ethereum at the $1,960 level, which was termed as a "supply wall."

“Wen Ethereum break out? Well, you may need to wait for ETH to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million ETH, according to IntoTheBlock,” he said. 

Wen #Ethereum break out?

Well, you may need to wait for $ETH to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million #ETH, according to @intotheblock. pic.twitter.com/B2noPQbJPc

— Ali (@ali_charts) October 26, 2023

Now Read: Bitcoin On The Cusp Of 'Final Correction,' Says Crypto Analyst

Benzinga’s Future of Digital Assets conference is scheduled in New York on Nov.14. Attend and learn more about meme coins and the recent investor attention that it is gaining. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.  

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