With Bitcoin (BTC) slowly rising and struggling to break the psychologically critical $60,000 mark, cryptocurrency analyst Ali Martinez believes that it could happen very soon, setting the next target for the top crypto asset at $64,000.
In particular, Martinez noticed similarities in the price dynamics between Toncoin (TON), the native token of the first-layer decentralized blockchain The Open Network, and Bitcoin, with the former possibly “paving the way” for the latter, according to his August 14 X post.
Indeed, Bitcoin’s current price action is remarkably similar to TON, which is currently trading at $6.63, down 6.88% over the past 24 hours, but still up 6.89% on its weekly chart, cutting its monthly losses to 10.85%.
A crypto trading expert claims that if Bitcoin does follow TON’s lead, the flagship decentralized finance (DeFi) asset could go parabolic in the next few days, leading to it reaching its $64,000 price target and continuing to rally over the weekend.
What others say
Meanwhile, a pseudonymous cryptocurrency market analyst CrypNuevo Bitcoin was recently noted to be making a key rally on the hourly timeframe in a resistance zone, arguing that this wick could act as a magnet for upward liquidity, expecting to see $62,000 and a bull trap beyond this zone.
On the other hand, the expert also warned that a rejection of the key resistance between $61,800 and $62,200 could lead to a decline in the value of the largest asset in the crypto industry by market cap to $58,000 before it rises again, as reported by Finbold on August 14.
At the same time, a cryptanalyst under a pseudonym Moon presented both a bearish and a bullish scenario, setting a price target of $52,000 for the former and up to $68,000 for the latter, depending on the direction of its breakout from the large symmetrical triangle pattern on the hourly chart.
Bitcoin Price Analysis
Bitcoin is currently trading at $59,290, down 3.41% on the day but up 2.41% over the past week, narrowing the losses accumulated over the past month to 7.75%, according to the latest chart data obtained by Finbold on August 15.
All things considered, analysts are hesitant about the price of Bitcoin in the near future, looking for clues as to where and when this might happen, including using hints from other assets. However, regardless of their conclusions, trends can easily change, so doing your own research is crucial.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
