Is Bitcoin Ready to Set a New Record High? Check out this chart analysis!

Updated

May 22, 2025

Jakarta, Pintu News – In the dynamic world of cryptocurrency, Bitcoin has always been a hot topic among investors and analysts. Recently, an analyst named Ali Martinez gave his views on Bitcoin’s potential to reach new highs based on some technical analysis charts. This article will dig deeper into Martinez’s findings and what they mean for the future of Bitcoin.

Bitcoin Price Patterns: Parallel Channels

Is it time for new #Bitcoin $BTC all-time highs? Here’s what to watch:

• Price at major resistance
• Hanging man candlestick pattern
• Bearish RSI divergence
• MACD bearish crossover

Momentum is stalling. Caution is warranted! pic.twitter.com/ItUfhuPHEt
— Ali (@ali_charts) May 20, 2025

The first chart shared by Martinez shows the “Parallel Channel” pattern that Bitcoin price has been following over the past few months. This pattern forms when the price of an asset consolidates between two parallel trend lines. In the case of Bitcoin, this indicates a price movement that tends to stabilize. However, the recent price rise to the upper line of the channel suggests that Bitcoin may be facing resistance, as it did in previous retests.

Relative Strength Indicator (RSI) and Divergence

Furthermore, the second chart analyzed by Martinez highlights the Relative Strength indicator (RSI), which measures the speed and magnitude of price changes. Bitcoin’s RSI peaked in the overbought zone earlier this month, but although the price has risen, the subsequent RSI peaks have been lower. This divergence, where the price rises but the RSI declines, is often considered a bearish signal indicating that momentum may be starting to weaken.

Bearish Development on MACD

The third chart examined shows developments on the Moving Average Convergence/Divergence (MACD), another indicator used to measure momentum. According to Martinez, there is a bearish development seen on the MACD, which could add to the evidence that Bitcoin’s momentum is waning. This raises the question of whether Bitcoin will experience a decline after trying to break the upper limit of its parallel channel.

Conclusion

Based on chart analysis by Ali Martinez, it seems that Bitcoin may face some obstacles before it can print new highs. While there is potential resistance and bearish indications from RSI and MACD, only time will tell the true direction of Bitcoin. Investors and market watchers should continue to monitor these indicators to make informed investment decisions.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.