This article is available in Spanish.
Crypto analyst Ali Martinez has revealed how the Bitcoin price could rise to $86,600, which would mark a new price 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 Bitcoin price could rise to around $86,600 if it could break past $67,400. He indicated that this price target could mark the next potential local winner for the flagship crypto. Bitcoin surged past $67,400 and climbed to nearly $68,000 on October 15, its highest level since July.
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Although the Bitcoin price has retreated, there is belief that it could retest the $67,400 price target and successfully break above it. This could ultimately pave the way for BTC to hit a new ATH and rise to $86,600. Ali Martinez predicts. Bitcoin currently has a bullish outlook from a technical and fundamental analysis perspective.
The recent Bitcoin price rally led to a break above the 200-day moving average (MA), which was around $65,844. Martinez noticed this 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 poised for a massive move to the upside.
The crypto analyst also recently announced this Bitcoin’s open interest A new ATH of $19.75 billion was just reached across all exchanges. He said a spike in this measure often indicates big price moves, with more capital at stake.
Bitcoin investors indeed appear to be allocating more capital to the flagship crypto, as Martinez revealed that more than 400,000 BTC ($24 billion) had been withdrawn from exchanges in the past eight months.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 is increasing demand for the flagship crypto to report that Bitcoin’s apparent demand is back. This metric represents the difference that BTC has been mined and the supply that has been dormant for a while.
When the increase to $86,000 could happen
Martinez did not provide a timeline for when the increase to $86,000 might occur. However, crypto analyst Mikybull Crypto has provided insight into when Bitcoin price could enjoy this parabolic rally. The analyst stated in a X message that wave 5 expansion will begin soon.
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He added that the 22nd of this month is likely when the “real fun” will begin. His accompanying chart showed that the expansion of wave 5 is the Bitcoin price to around $90,000even higher than Martinez predicts.
At the time of writing, Bitcoin is trading around $67,000, up more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com