Here’s what needs to unfold for BTC to break above $65,000.
After several weeks of lackluster performance and a slide to its lowest level since 2024, Bitcoin (BTC) has finally staged a decisive comeback.
The popular analyst Ali Martinez highlighted the resurgence and spotted three bullish factors that could push the price beyond $65,000 in the short term.
The Winning Formula
The primary cryptocurrency recently surged past $62,500, fueled by geopolitical de-escalation in the Middle East and a long-awaited return of ETF inflows after several weeks dominated by outflows.
The analyst noted that BTC’s 12-hour chart has flashed a cluster of bullish technical cues across several key metrics, suggesting additional upside may be on the horizon. He first pointed out the Tom DeMark Sequential indicator, which has printed a buy signal.
Earlier this week, the analyst emphasized that this metric (when viewed on the monthly timeframe) triggered a synchronized bullish call across BTC, ETH, XRP, and SOL.
“Historically, when multiple assets lock in concurrent monthly buy signals, it indicates seller fatigue and a high probability of a long-term market bottom,” he explained.
The second positive sign Martinez touched on is BTC’s Relative Strength Index (RSI), which has printed a bullish divergence against the underlying price action, while the third is the SuperTrend indicator, which signaled a trend shift.
“If these combined indicators receive validation through sustained spot volume, the immediate target for BTC sits at $65,400 – aligning with the TD setup resistance trendline,” he concluded.
Other Optimistic Voices
Numerous market observers share Martinez’s bullish outlook, noting that the cryptocurrency has performed quite well in the current month. X user cyclop, for instance, noted that BTC has historically posted double-digit gains in July during bear markets.
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The recent whale behavior also reinforces the positive scenario. X user Max Crypto revealed the case of a big investor who opened a $66 million long on BTC that will be liquidated if the price dips to $59.395.
Whales are known as experienced investors who rarely jump on the bandwagon, relying purely on their instincts, and their actions could infuse enthusiasm among smaller players, prompting them to allocate fresh capital to the ecosystem.
Of course, one must tread carefully and keep in mind that the crypto market remains shaky, meaning a renewed pullback in the short term is just as plausible.
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