Bitcoin (BTC) has been hotly debated in the past weeks, as it managed to hit a new all-time high (ATH) above $123,000 and become the fifth-largest asset by market capitalization.
Contributing to the discussion, crypto market analyst Ali Martinez, suggested in a July 22 post on X that the coin could be on track to surge even further.
According to Martinez, Bitcoin could march toward $131,200, provided it maintains a critical support level at $117,400.
Bitcoin performance
Bitcoin faces technical resistance in the $118,500–$123,000 range, and a break above this zone could set the stage for a rally toward a price of up to $135,000.
The ‘digital gold’ currently trades at $118,050, down 0.76% in the past 24 hours but well above its 30-day simple moving average of $111,700. Still, momentum indicators advise caution. The moving average convergence divergence (MACD) histogram, for instance, recently turned negative (-28.56), hinting at potential near-term consolidation.
However, as per the same data, Bitcoin’s road to $135,000 may hinge on whether exchange-traded fund (ETF) flows and corporate adoption can overpower resistance near $123,000. If not, a pullback toward support at $115,000 is also likely.
Is Ethereum $10,000 also possible?
In another post, Martinez suggested Ethereum (ETH) could be poised for a major breakout toward $10,000 if it can decisively breach a critical resistance level around $4,000.
Quote: “If Ethereum $ETH can break past $4,000, we could be looking at $10,000 next!”
The analyst pointed to a long-standing Parallel Channel pattern on Ethereum’s weekly chart.
Defined by two horizontal trendlines, the pattern has confined ETH’s price action in a sideways range for over two years.
Historically, the upper boundary has acted as a strong resistance zone, repeatedly rejecting ETH’s attempts to move higher.
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