Not many in the industry expected last week’s Bitcoin crash or how far it would ultimately go. However, crypto analyst Ali Martinez is one of the analysts who expected another crash, and it seems he had predicted where the price would ultimately fall. After being proven right, Martinez has now revealed where he expects the BTC price to go.

Predicting the $54,500 Bottom

After the crash that shook the market and pushed Bitcoin’s price below $50,000, the cryptocurrency had started a new recovery. This recovery saw a break above $57,000, prompting many in the industry to predict a continuation of the bull rally.

However, crypto analyst Ali Martinez revealed at the time that the Bitcoin chart was showing a classic ascending wedge pattern. This was ultimately bearish, as the Bitcoin price eventually lost the support at the $56,800 level and continued to decline.

Interestingly enough, when presenting the classic ascending wedge pattern, the crypto analyst explained that a break below the mentioned support would lead to a drop to $54,500. On Wednesday, August 7, this happened when BTC indeed dropped to $54,500.

Now that the cryptocurrency’s price is recovering and the analyst’s prediction has been finalized, Martinez expects Bitcoin’s price to continue rising. He laid out his objective in an analysis he shared on Thursday.

Bitcoin on its way to $60,000

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

According to him, this bull pennant appears on 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 Bitcoin’s price will eventually breach $60,000 again.

In another post, the crypto analyst pointed out that it’s a good time to buy Bitcoin, as the crypto market has once again entered extreme fear. Historically, these are times when prices bottom out before rising again, so Martinez may be right.

Long-term traders are already taking advantage of the buying opportunity to add to their Bitcoin holdings. Over the past month, these long-term holders have purchased over 184,500 BTC, meaning they’ve spent a total of $10 billion on Bitcoin purchases.

Main image created with Dall.E, chart from Tradingview.com