Ali Martinez: Bitcoin will grow to $ 140,000

Analyst Ali Martinez predicts a possible breakout of the bitcoin price BTC $79,164.56 Bitcoin -0.72% Market capitalization $1.59 trillion VOL. 24 hours $0.9 billion to $ 140,000 based on the formation of a bullish flag, a technical model that indicates the continuation of the uptrend. The current price of bitcoin is approximately $ 94,368, and the cryptocurrency is trading above an important support level of $ 86,897 based on Fibonacci.

According to the crypto expert, a breakout above the $ 106,777 resistance level could open the way to $ 140,000. At the same time, the analyst warns that a drop below $ 86,897 could ruin the upward scenario and send the price to $ 78,757.

The short-term situation also looks optimistic, as a falling wedge is forming on the hourly chart, a pattern that often indicates a reversal of the upward movement. The breakout has already pushed bitcoin to $ 94,368, and further growth to $ 96,000, the expert says, «looks likely.» Traders are keeping a close eye on key resistance levels, such as $ 96,000 and $ 106,777, as their breakout could confirm the bulls' position and create conditions for further growth.

The Relative Strength Index (RSI) is near 50, which indicates a balance between buyers and sellers. However, increasing buyer pressure could shift the situation toward the bulls, opening up new prospects for the cryptocurrency market.