Bitcoin recently hit a high of $73,000 after its price increased by 9% over the last week. Despite this jump, many analysts believe the overall market still indicates a downward trend that has lasted for over six months. However, looking at past patterns, this recent price increase could signal a major recovery, potentially offering investors a period of relief in the medium to long term.
Bitcoin Nears Key Support Level As Bulls Eye Historical Recovery Run
On April 11th, Bitcoin analyst Ali Martinez pointed out a promising pattern in Bitcoin’s price chart on X. He observed that a recent price increase happened after Bitcoin tested a long-term upward trendline – a line that has consistently acted as support during price drops. Martinez calls this trendline the “Parabolic Guard” and believes it’s been the most reliable technical indicator in Bitcoin’s history. Historically, when the price has touched this line over the past decade, it has been followed by a significant price increase. For example, in 2017, Bitcoin’s price soared 961% after touching this same trendline.
This line on the Bitcoin chart is widely considered a key indicator of future price movements. For almost a decade, it’s consistently supported the price, acting like a floor. Historically, each time the price has approached this line, it has been followed by a significant price increase.
• 2017: +963% • 2018: +261%• 2020: +1,126% • 2022:…
— Ali Charts (@alicharts) April 11, 2026
We’ve seen similar patterns before. In 2018, a comparable event led to a 261% increase. Back in 2020, when Bitcoin tested a key level, its price jumped 1,126% before the 2022 market downturn. A similar positive signal appeared again in late 2022, resulting in a 660% gain over the past four years. Analyst Martinez notes that a long-term upward trend line currently sits between $56,000 and $60,000 – about 20% below today’s price. Notably, Bitcoin hit a recent low around $60,000 during a sharp sell-off in early February.
In a recent post, Martinez suggests the market may need to revisit its lowest point before the bear market can end and a lasting recovery can begin. He also notes that if Bitcoin hits a certain technical level, known as the Parabolic Guard, it could temporarily pause buying from experienced investors as they wait for the next price increase.
Bitcoin Market Overview
As of today, Bitcoin is trading at $71,508, down 1.81% from yesterday. Trading volume has also decreased significantly, falling 27.35% to $26.35 billion. Market analysis from CoinCodex indicates a strong negative sentiment, and the Fear & Greed Index shows investors are currently experiencing extreme fear. However, analysts at CoinCodex believe Bitcoin’s recent price recovery, fueled by lessening global tensions, will likely continue for now, potentially reaching $79,729 within the next five days.
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2026-04-12 15:07