Bitcoin is currently experiencing a mild drawdown below $80,000, but analyst Ali Martinez predicts it could still reach $86,000. He highlights a well-defined ascending channel that has guided Bitcoin's price movements since April 9.
Mentioned in this story
While Bitcoin is currently seeing a mild drawdown below the $80,000 level, popular crypto analyst Ali Martinez has predicted that the asset may still be on track for another price rally despite the recent pullback.
The analyst shared a technical analysis on Bitcoin's price structure, revealing that the asset has continued to trade within a well-defined ascending channel that has determined its price movement since April 9.
Bitcoin $BTC could be ready to bounce!
I've been tracking an ascending channel that has dictated Bitcoin's price action since April 9. Every time BTC has touched the rising support line of this channel, we've seen a reliable rebound toward the upper boundary.
• On April 13,… pic.twitter.com/wkYYDEKVSJ
— Ali Charts (@alicharts) May 14, 2026
He noted that the asset has been moving in repeated patterns that have each produced strong price rallies at every point when Bitcoin retested the lower support boundary of the channel.
According to the analyst, Bitcoin first bounced from a low of $71,000 on April 13. This triggered an 11% rally that brought Bitcoin to the top of the channel at around $78,000.
Furthermore, a similar pattern was observed on April 30 when Bitcoin surged 10.5% from a support level of $75,000 to about $82,900.
While the analyst believes that the same pattern is forming again, he identified $79,000 as the new support level, noting that Bitcoin is once again testing the same ascending support structure.
Thus, if Bitcoin is able to sustain momentum and buyers manage to maintain this level, there is a good chance Bitcoin could surge to $86,000, which is the top of the current channel projection.
While the technical analysis shared has been largely supported by the crypto community, market participants expressed confidence in Bitcoin's potential to make a big price move soon.
Nonetheless, the analyst also noted that there are chances that Bitcoin might face a reversed outcome if it breaks down below the $79,000 support zone. This could invalidate the ongoing trend, signaling a deeper price correction toward lower support levels.
Ali Martinez predicts that Bitcoin could reach $86,000 despite its current drawdown.
Since April 9, Bitcoin has been trading within a well-defined ascending channel, indicating a potential for price rallies.
Bitcoin has shown a pattern of strong price rallies each time it retests the lower support boundary of the ascending channel.
The crypto market structure bill has advanced from the Senate Banking Committee, marking a significant step towards a floor vote. Bipartisan support has emerged, but unresolved issues remain that could affect Democratic backing.
Strategy plans to repurchase $1.5 billion in convertible debt and may sell Bitcoin to fund it.
Analyst Tice says Ethereum's rise to $4,000 is imminent, citing strong technicals.
Discover Myriad: A New Platform for Prediction Markets
Bitcoin struggles below $79K as inflation fears outweigh CLARITY Act progress.
Payward, Kraken's parent company, cuts 150 jobs as it prepares for an IPO.
See every story in Crypto — including breaking news and analysis.