Bitcoin Poised For Bullish Breakout—But Only If This Key Condition Is Met

Related Reading: Bitcoin On The Brink: One Move Could Trigger A Massive Shift Bitcoin Nears Key Support Level As Bulls Eye Historical Recovery Run In an X post on April 11, renowned analyst Ali Martinez shares a positive observation of the Bitcoin price chart, highlighting a cyclical price rally. Notably, this price surge is triggered by a retest of a particular long-standing ascending trendline during an extended correction period, as is being observed. Martinez names this ascending trendline the “Parabolic Guard,” describing it as probably the most consistent technical level in Bitcoin history. Over the last 10 years, a price retest of this support line has consistently preceded a massive rebound. In 2017, Bitcoin’s contact with this trendline produced a staggering 961 gain in the following months. A similar event was observed in 2018; however, it resulted in a lower 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, resulting in a 660 gain observed over the last four years. According to Martinez, the historic ascending trend line currently runs between 56,000 and 60,000, about 20 below the current market price. Interestingly, the present cycle low lies around 60,000, which Bitcoin formed amid an intense market sell-off in early February. According to Martinez’s latest post, the market would likely need a return to this market bottom to end the bear market and initiate a long-term recovery. The prominent analyst also explains that Bitcoin’s contact with the Parabolic Guard would slow smart money’s accumulation in anticipation of the next price surge. Related Reading: Bitcoin Reclaims 73,000 Mark But Traders Remain Unconvinced – Details 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 volume has dropped by 27.35 and is valued at 26.35 billion. According to CoinCodex data, the overall market sentiment is heavily bearish, while the Fear Greed Index remains in extreme fear territory. Nevertheless, CoinCodex analysts expect Bitcoin’s market bounce, driven by the easing geopolitical tensions, to persist for the time being, with price predictions of a 79,729 in the next five days. Featured image from Freepik, chart from Tradingview