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\n\t\t\t\t\t\t\t\t\tSuch a pullback may actually lead to a rally to $74,000, Ali Martinez argued. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The leading cryptocurrency experienced enhanced volatility over the past week, eventually stabilizing at around $64,500 (per CoinGecko\u2019s data).<\/p>\n
Given the ongoing bear market, though, the price may soon head south again, but one popular analyst claimed that a dip to around $60K should actually be welcomed as good news.<\/p>\n
The renowned analyst Ali Martinez argued<\/a> that a drop by nearly five grand would complete a classic inverse head-and-shoulders pattern that could set the stage for a serious pump. The setup consists of three dips \u2013 a low (left shoulder), a deeper plunge (head), and another low (right shoulder) and signals that sellers are running out of steam.<\/p>\n According to Martinez, the completion of the pattern combined with a confirmed breakout above $66,500 could open the door to a pump to a two-month high of around $74,000.<\/p>\n The analyst has been quite focused on BTC lately, revealing<\/a> that whales have purchased roughly 29,000 units (worth more than $1.8 billion at current rates) over the past week. Accumulation from this cohort of investors is considered a bullish sign as it suggests that they are preparing for a potential upward move. Their actions could encourage smaller players to hop on the bandwagon, too, thus distributing fresh capital into the ecosystem.<\/p>\n Another comment from Martinez was his recent prediction about when BTC will reach its bottom. If the 4-year cycle theory holds, he expects<\/a> that to happen between October 6 and October 16. This is a common thesis among analysts, as many believe<\/a> the cryptocurrency could nosedive to multi-year lows before entering a new bull run. Others, like Joao Wedson, anticipate<\/a> that the pivotal moment when bulls would finally regain control is the midterm elections in the US scheduled for early November.<\/p>\n Vivek Sen \u2013 an X user with almost 300,000 followers \u2013 presented<\/a> another optimistic scenario for BTC, based on the formation of a cup-and-handle breakout.<\/p>\n The pattern represents a big rounded dip (the cup), followed by a smaller pullback (the handle) and typically shows that the asset has built up strength and is perhaps gearing up for a rally.\u00a0 According to the analyst, this formation could be a precursor to a giant increase, setting $220,000 as the minimum target.<\/p>\n \u201cMost people will only find out after it happens,\u201d he added.<\/p>\n<\/blockquote>\nAn Additional Bullish Forecast<\/h2>\n
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