An influential cryptocurrency analyst flagged Bitcoin’s (CRYPTO: BTC) next resistance level and a potential bearish signal amid the apex cryptocurrency’s resurgence this week.
What Happened: Ali Martinez, known for his technical and on-chain analysis of top cryptocurrencies, cautioned Saturday that Bitcoin could face “heavy” resistance between $94,125 and $99,150, potentially halting its upside. He called it a “critical zone” where 2.61 million wallets have accumulated 1.76 million BTC.
Martinez also identified bearish signs from some key technical indicators. He noticed a bearish divergence against the Relative Strength Index on BTC’s 4-hour chart, as well as “multiple” sell signals from the TD Sequential indicator.
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Interestingly, exchange netflows were positive in the last 24 hours, as indicated by IntoTheBlock, implying that more BTCs were being accumulated than deposited.
Why It Matters: These forecasts come amid Bitcoin’s sharp recovery this week, pushing through the $94,000 mark for the first time since early March.
The rebound has spurred a wave of bullish predictions, with leading multinational bank Standard Chartered reiterating a $200,000 year-end price target and a $500,000 target for 2028 for the asset.
Moreover, in its Big Ideas 2025 report, Cathie Wood-led asset management firm Ark Invest upgraded its bear, base, and bull cases for Bitcoin’s price in 2030 at approximately $300,000, $710,000, and $1.5 million, respectively.
Price Action: At the time of writing, Bitcoin was exchanging hands at $94,318.49, up 0.65% in the last 24 hours, and 10.88% over the week, according to data from Benzinga Pro.
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