Will the Price of Bitcoin Climb Back Over $65,000? The Things That Must Occur Are These
Over the last seven days, the price of Bitcoin has shown encouraging indications of recovery, ending the week over $58,000. Curiously, a well-known crypto analyst on X has seen a pattern in the charts that might indicate the leading cryptocurrency's revival could continue.
It is common for price to exit an ascending triangle in the same trend (uptrend or downtrend) that entered the triangle, which is why these patterns are called continuation patterns. Having said that, the chart pattern does not always follow this pattern.
As of this writing, the price of Bitcoin has surpassed $59,200 in the aftermath of the failed assassination attempt on former US president and prominent Bitcoin advocate Donald Trump, and is now standing at $59,431. The probability of the $63,800 price estimate would increase dramatically if this level could be held above.
Bitcoin Weighted Sentiment Hits Historic Low, Last Seen in 2020
After Bitcoin's latest drop below $53,300, Martinez showed in another X post that the coin's weighted sentiment took a nosedive. The weighted mood hit -2 on July 5, the lowest level since the COVID-19 disaster in March 2020, according to data from Santiment.
The Bitcoin price may be about to take a nosedive if pessimism continues to permeate the market. Despite hitting a multi-year low just over a week ago, the Bitcoin weighted sentiment is now trending upwards.
As of Saturday, July 13, according to Martinez's article, the measure is still negative, hovering at -0.47. As a result, the price of the flagship cryptocurrency may fall much more.
