Bitcoin has suspended its recent price rally following a sudden price flip to the downside trajectory, failing to reclaim the much-anticipated $70,000 level.
While the drawdown has seen Bitcoin remain in the red zone for the past few days, Bitcoin is back to trading below $64,000. However, popular crypto analyst Ali Martinez has spotted a new price target for Bitcoin.
Bitcoin eyes 7% price surge
On Thursday, June 18, Martinez shared on-chain data suggesting that Bitcoin could be preparing for another price leg up toward $69,000.
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However, this will not happen if the asset fails to hold support at $64,000.
Although Bitcoin is currently trading around $63,000, the analyst has pointed to $64,000 as a crucial support level for Bitcoin, which holds the capacity to decide Bitcoin's next major price move.
To further back his analysis, the analyst shared a chart that revealed Bitcoin trading within an ascending channel, with recent price action consolidating around $64,538.
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As such, if Bitcoin is able to maintain support above $64,000, it could regain its bullish momentum, which could trigger a major price rally toward its next resistance level around $69,000.
Simply put, Bitcoin could surge as high as about 7% if it is able to hold support around $64,000.
Bitcoin may rally next
While the Bitcoin price downturn has persisted for a few days, it appears that Bitcoin is already preparing to resume its price rally and build momentum again.
Although the asset is still showing a price decline of about 1.24% over the past day, its exchange activity shows that its selling pressure is beginning to fade as its exchange reserve shows a mild decline of -0.02 over the same period.
When the exchange reserve is down, no matter how mild, it poses a bullish signal for the asset, suggesting that it may be preparing for a potential price breakout.
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