Bitcoin's price has been stuck below $64,000 for the past few days after failing to reclaim the $70,000 level. However, crypto analyst Ali Martinez believes that the asset is preparing for another price leg up.
Martinez pointed out on-chain data suggesting that Bitcoin could be heading towards $69,000, a 7% increase from its current price of around $63,000. To reach this target, Bitcoin must hold support above $64,000, which it currently trades below.
A chart shared by Martinez reveals that Bitcoin is trading within an ascending channel, with recent price action consolidating around $64,538. If the asset can maintain its position above $64,000, it could regain its bullish momentum and trigger a major price rally.