Crypto Analyst Says Bitcoin Price Can Port To $86,600 If It Breaks This Level
16 Octubre 2024 - 1:00PM
NEWSBTC
Crypto analyst Ali Martinez has revealed how the Bitcoin price can
rise to as high as $86,600, which would mark a new all-time high
(ATH) for the flagship crypto. This comes amid BTC’s impressive
price rebound, 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 the Bitcoin price could rise to around $86,600 if it can break
past $67,400. He indicated that this price target could mark the
next potential local top for the flagship crypto. Bitcoin rose past
$67,400 and climbed to almost $68,000 on October 15, its highest
level since July. Related Reading: Shiba Inu Price Flashes
Historical Bull Flag, Here’s What Happened Last Time Although the
Bitcoin price has retraced, there is the belief that it could again
retest the $67,400 price target and successfully break above. This
could ultimately pave the way for BTC to reach a new ATH and climb
to $86,600, as Ali Martinez predicts. Bitcoin currently boasts a
bullish outlook from a technical and fundamentals analysis
standpoint. The Bitcoin price’s recent rally led to a break
above its 200-day moving average (MA), which was around $65,844.
Martinez noted earlier 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 crypto is well primed for a
massive move to the upside. The crypto analyst also recently
revealed that Bitcoin’s open interest across all exchanges just hit
a new ATH of $19.75 billion. He mentioned that a spike in this
metric often signals big price moves ahead, with more capital on
the line. Indeed, Bitcoin investors look to be allocating more
capital to the flagship crypto as Martinez revealed that over
400,000 BTC ($24 billion) had been withdrawn from exchanges in the
past eight months. Cryptoquant’s CEO Ki Young Ju also
suggested that there has been an increased demand for the flagship
crypto while stating that Bitcoin’s apparent demand is back. This
metric guages the difference BTC mined and the supply that has been
inactive for a while. When The Rise To $86,000 Could Happen
Martinez didn’t provide a timeline for when the rise to $86,000
could happen. However, crypto analyst Mikybull Crypto has provided
insights into when the Bitcoin price could enjoy this parabolic
rally. The analyst stated in an X post that the wave 5 expansion is
set to begin anytime soon. Related Reading: XRP Price
Growth: Analyst Breaks Down The Movements And Why It’s So He added
that the 22nd of this month of this month is probably when the
“real fun” will start. His accompanying chart showed that wave 5
expansion could send the Bitcoin price to around $90,000, even
higher than Martinez predicts. At the time of writing,
Bitcoin is trading at around $67,000, up over 2% in the last 24
hours, according to data from CoinMarketCap. Featured image
created with Dall.E, chart from Tradingview.com
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