Bitcoin Poised For Bullish Breakout—But Only If | Crypto News
Bitcoin traded as high as $73,000 following a 9% price rally in the past week. However, the broader market suggests the main cryptocurrency is still caught in a bear part that’s been dragging on for more than six months. Interestingly, historic data counsel that latest price motion may set off a important bullish rebound, offering buyers with a mid-term to long-term aid period.
Bitcoin Nears Key Support Level As Bulls Eye Historical Recovery Run
In an X post on April 11, famend analyst Ali Martinez shares a constructive statement of the Bitcoin price chart, highlighting a cyclical price rally. Notably, this price surge is triggered by a retest of a explicit long-standing ascending trendline during an prolonged correction period, as is being noticed. Martinez names this ascending trendline the “Parabolic Guard,” describing it as most likely the most constant technical stage in Bitcoin historical past. Over the last 10 years, a price retest of this assist line has persistently preceded a large rebound. In 2017, Bitcoin’s contact with this trendline produced a staggering 961% gain in the next months.
This is maybe the most revered technical line in Bitcoin $BTC historical past. For almost ten years, this ascending trendline has acted as the "Parabolic Guard." Every contact has traditionally preceded a large enlargement:
• 2017: +963% • 2018: +261%• 2020: +1,126% • 2022:… https://t.co/uIDjVPVIyx pic.twitter.com/QloO6k66OO
— Ali Charts (@alicharts) April 11, 2026
An analogous event was noticed in 2018; however, it resulted in a decrease yield of 261%. In 2020, Bitcoin’s retest of the Parabolic Guard triggered 1,126% price increase, before the 2022 bear market commenced. The bullish condition was met again later in 2022, ensuing in a 660% gain noticed over the last 4 years. According to Martinez, the historic ascending pattern line presently runs between $56,000 and $60,000, about 20% below the current market price. Interestingly, the current cycle low lies around $60,000, which Bitcoin shaped amid an intense market sell-off in early February.
According to Martinez’s latest post, the market would probably need a return to this market backside to end the bear market and provoke a long-term recovery. The outstanding analyst also explains that Bitcoin’s contact with the Parabolic Guard would slow good money’s accumulation in anticipation of the next price surge.
Bitcoin Market Overview
At the time of writing, Bitcoin was valued at $71,508, following a 1.81% loss in the last day. Meanwhile, daily trading quantity has dropped by 27.35% and is valued at $26.35 billion. According to CoinCodex data, the general market sentiment is closely bearish, while the Fear & Greed Index stays in excessive concern territory. Nevertheless, CoinCodex analysts count on Bitcoin’s market bounce, pushed by the easing geopolitical tensions, to persist for the time being, with price predictions of a $79,729 in the next 5 days.
Featured image from Freepik, chart from Tradingview
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