Major Bullish Signal for Bitcoin: Analyst Explains Why BTC Could Explode Soon

The primary cryptocurrency has climbed roughly 20% over the past month, and Ali Martinez suggests an even stronger upward move may be on the horizon.

In contrast, other analysts believe the bear market is far from over and predict a major short-term price drop.

Will History Repeat Itself?

Bitcoin has hovered between $78,000 and $80,000 over the last few days and is currently trading near the middle of that range. According to Martinez, the leading digital asset recently reclaimed its Warm Supply Realized Price, a metric that tracks BTC’s average cost basis over the past one week to six months.

The analyst noted that the previous four such developments were followed by impressive rallies. In October 2023, for example, BTC exploded almost 160% after reclaiming that level, and a year later, it pumped 74%.

X user Crypto Rover presented another bullish signal. He spotted the formation of a so-called “golden cross” on Bitcoin’s price chart, reminding that the last time this pattern appeared, the bear market ended and the asset eventually surged by 500%.

There is another positive factor. Spot exchange-traded funds tracking the largest cryptocurrency attracted almost $1 billion last week, underscoring the growing appetite among institutional investors. BlackRock’s product IBIT remains the undisputed leader in this field, with cumulative net assets surpassing $64 billion, while Fidelity’s FBTC comes in second with roughly $10.3 billion.

Crash on the Way?

Other analysts think BTC will eventually experience a full-scale bull run, but first it could see a substantial decline. X user Crypto With Haris ₿ claimed “the final dump is closer than most traders realize,” envisioning a plunge to $62,000 before a major uptrend.

Crypto Lens shared a similar stance, arguing that BTC is about to complete its final bull trap and forecasting a potential collapse to as low as $50,000.

Crypto Patel, for their part, claimed that a rejection at $83,000 would mean Bitcoin’s overall structure remains bearish and could be followed by a crash to $50K. On the other hand, a daily close above that mark combined with a successful retest could open the door to a rally to the $100,000 psychological level, they added.