Here’s when Bitcoin price could go parabolic, according to analyst

Amid a slow period for the price performance of Bitcoin (BTC), which has been struggling to pull itself above the psychologically critical level of $60,000, cryptocurrency analyst Ali Martinez believes it might happen very soon, placing the next target for the maiden crypto asset at $64,000.

Specifically, Martinez has noticed similarities in price movements between Toncoin (TON), the native token of decentralized layer-1 blockchain The Open Network, and Bitcoin, with the former possibly “leading the way” for the latter, according to his X post on August 14.

Toncoin vs. Bitcoin price performance. Source: Ali Martinez

Indeed, Bitcoin’s current price performance remarkably mimics that of TON, which is currently changing hands at the price of $6.63, down 6.88% in the last 24 hours, but still recording an increase of 6.89% on its weekly chart, reducing its monthly losses to 10.85%.

Bitcoin price performance analysis and prediction. Source: CrypNuevo

At the same time, a crypto analyst under the pseudonym The Moon has presented both a bearish and bullish scenario, setting a price target at $52,000 for the former and as high as $68,000 for the latter, depending on the direction of its breakout from a large symmetrical triangle pattern on the one-hour chart.

Bitcoin price performance analysis. Source: The Moon

Bitcoin price analysis

For now, Bitcoin is trading at the price of $59,290, reflecting a 3.41% drop on the day but advancing 2.41% across the past week, reducing to 7.75% the losses it accumulated in the last month, according to the most recent chart data retrieved by Finbold on August 15.

Bitcoin price 7-day chart. Source: Finbold

All things considered, analysts are on the fence regarding the price of Bitcoin in the near future, trying to find clues as to where and when it might end up, including taking hints from other assets. However, regardless of their conclusions, trends can easily change, so doing one’s own research is critical.

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