Bitcoin’s bullish advance in play if this crucial support level holds

Bitcoin’s bullish advance in play if this crucial support level holds
2 months ago
2 mins read

After a market-wide sell-off, the cryptocurrency sector has continued its recovery with a major capital inflow, leading some experts to predict an especially bullish comeback for Bitcoin (BTC). 

Indeed, crypto trading expert Ali Martinez believes that the maiden digital asset could reach $27,000, provided it retains its crucial support level, according to his tweet and chart published on August 8.

As the analyst stressed:

“Data shows Bitcoin is trading above a significant demand zone between $22,720 and $23,390, where 1.36 million addresses bought over 1 million BTC.”

Source: Ali Martinez

In his words, should this support level hold, it could give Bitcoin “a good chance of advancing toward $27,000 as it faces little to no resistance ahead.”

Bitcoin bull vs. crude oil bear

Meanwhile, Martinez is not alone in his bullish outlook for the flagship digital asset, as Bloomberg’s senior commodities expert Mike McGlone called it “one of the best-performing assets in history” in his tweet on August 8.

Comparing Bitcoin’s performance to that of crude oil, McGlone highlighted:

“Trends Are Friends – Bitcoin Bull, CrudeOil Bear: That the 2022 high in crude oil was about 15% below the peak from 14 years ago may indicate the headwinds it faces, notably vs. Bitcoin, one of the best-performing assets in history.”

As he explained, Bitcoin is in juxtaposition to crude oil and “well on its way to becoming digital collateral in a world that’s heading in that direction.” 

“Supply-and-demand elasticity are key, and it’s a given that higher prices will reduce crude-oil consumption and increase production. Bitcoin supply is set by code,” he said.

Bitcoin vs. crude oil. Source: Mike McGlone

As things stand, Bitcoin is trading at $24,146, which is a 4.76% increase on the day, as well as a gain of 3.90% across the previous seven days, according to CoinMarketCap data retrieved by Finbold.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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Ana Nicenko

Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master's degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.