Cryptographic analyst Ali Martínez has revealed how the price of Bitcoin can rise as high as $86,600, which would mark a new all-time high (ATH) for the flagship cryptocurrency. This comes amid BTC’s impressive price rally, which has brought renewed optimism that the next leg of the bull run is almost here.
Bitcoin price could rise to $86,600 if it breaks this level
Martinez mentioned in an X post that Bitcoin price could rise to around $86,600 if it can break above $67,400. He indicated that this target price could mark the next potential local summit for the flagship cryptocurrency. Bitcoin surpassed $67,400 and rose to almost $68,000 on October 15, its highest level since July.
Related reading
Although Bitcoin price has pulled back, there is a belief that it could retest the price target of $67,400 and successfully surpass it. Ultimately, this could pave the way for BTC to hit a new ATH and rise to $86,600, as Ali Martinez predicts. Bitcoin currently has a bullish outlook from a technical and fundamental analysis point of view.
The recent rally in Bitcoin price caused a break above its 200-day moving average (MA), which was around $65,844. Martínez pointed out before That a break above this moving average has always led to parabolic bull runs. Therefore, a break above this 200-day MA indicates that the flagship cryptocurrency is well poised for a massive move higher.
The crypto analyst also recently revealed that Bitcoin open interest on all exchanges it just reached a new ATH of $19.75 billion. He mentioned that an increase in this metric often indicates big price movements in the future, with more capital at stake.
In fact, Bitcoin investors appear to be allocating more capital to the flagship cryptocurrency, as Martinez revealed that more than 400,000 BTC ($24 billion) had been withdrawn from exchanges in the past eight months.
Cryptoquant CEO Ki Young Ju also suggested that there has been increased demand for the flagship cryptocurrency, while indicating that the apparent demand for Bitcoin is back. This metric measures the difference between mined BTC and the supply that has been idle for a while.
When the increase to $86,000 could occur
Martinez did not provide a timeline for when the increase to $86,000 could occur. However, the crypto analyst Mikybull Crypto has provided information on when Bitcoin price could enjoy this parabolic rally. The analyst stated in a x publication that the wave 5 expansion will begin soon.
Related reading
He added that the 22nd of this month is probably when the “real fun” begins. The accompanying chart showed that the expansion of wave 5 could send the Bitcoin price is around $90,000even higher than Martínez predicts.
At the time of writing, Bitcoin is trading at around $67,000, up more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.