TL;DR
- Ali Martinez projects that Bitcoin could reach $131,200 if it holds above the key support at $117,400.
- The range between $118,500 and $123,000 is acting as a technical resistance; a breakout could push it up to $135,000, though the negative MACD suggests possible consolidation.
- Ethereum could climb to $10,000 if it breaks decisively above $4,000, after spending over two years constrained by a parallel channel with repeated rejections at its upper bound.
Bitcoin recently hit a new all-time high above $123,000, placing it among the five most valuable assets in the world by market capitalization.
Despite a slight intraday correction that brought its price down to around $118,050, analyst Ali Martinez notes that BTC could continue its upward trajectory toward $131,200, as long as it stays above the key $117,400 support.
Bitcoin Could Reach $135K—or Drop to $115K
Technical analysis identifies a strong resistance band between $118,500 and $123,000. Breaking through that zone could open the path to higher levels, with a potential target of $135,000. However, short-term indicators suggest caution. The daily MACD is sloping downward, which could signal a consolidation phase before another move higher. If momentum weakens, a drop to $115,000 remains a possibility.
Beyond technicals, price action also hinges on external factors. Sustained inflows into Bitcoin ETFs and increased corporate involvement could be key to breaking through the current congestion zone. Without that support, buyers may run out of steam before reaching new highs.
What About Ethereum?
Martinez also analyzed Ethereum’s outlook. In his view, if ETH can break firmly above the $4,000 resistance, it could climb to $10,000 in the mid-term. His projection is based on a technical pattern that has defined ETH’s behavior for more than two years. The price has remained within a parallel channel, with sharp rejections near the top boundary. A decisive breakout from that structure would signal a potential trend reversal.
The current market shows high expectations but also clear technical hurdles. Bitcoin remains above its 30-day moving average, currently around $111,700, reinforcing its broader bullish structure. Meanwhile, Ethereum is preparing for its next move after a prolonged consolidation. Both assets are at pivotal levels that could shape the market’s direction in the coming weeks
