Analyst Ali Martinez said bitcoin has a realistic chance of returning to $35,000 as early as the current cycle despite the fact that it is now worth $31,000 and just in the last hour it has been going down to the $29,000 mark.
Ali Martinez calls the $30,700 to $31,700 range a strong support zone. That’s the price at which 515,000 cryptocurrency holders bought almost 420,000 coins. They are the ones who can support bitcoin, as these users are interested in a rebound in the rate and don’t want to lose income.
The analyst urges traders not to rush things, and adds that only after the rate rises above $36,000 will the bearish trend finally be broken.
The risk of further rate drawdown, however, remains high. Ali Martinez doesn’t rule out the possibility of a collapse to $20,000 if the rate fixes around $30,000.