Analyst says Bitcoin must retest $56k–$60k trendline to resume uptrend

Martinez: Bitcoin may need a $56k–$60k retest before a rebound

Analyst Ali Martinez says Bitcoin is nearing a decade-long ascending support he calls the “Parabolic Guard.” Past touches preceded large rallies.

“This is perhaps the most respected technical line in Bitcoin history,” he wrote, noting every retest has led to expansion on X.

- 2017: +963% source
- 2018: +261% source
- 2020: +1,126% source

Martinez places the trendline around $56,000–$60,000. He expects a move back into that band to end the bear phase and set up a longer recovery source.

Market mood remains risk-off. CoinCodex shows bearish sentiment and an “extreme fear” reading on the Fear & Greed Index source.

Their near-term model still sees a bounce. The five‑day target stands at $79,729 source.