- Bitcoin will reach a new ATH of $86,600 if the $67,400 resistance is reversed.
- Bitcoin is showing strong upside momentum with increased accumulation.
Bitcoin last week [BTC] has seen a strong rise from a low of $58,000 to $67,000, with an increase of 14.57%.
This increase has rejuvenated market optimism about the highly anticipated Uptober. As such, several market players, especially analysts, have started dreaming of a new ATH.
One of these analysts is the popular crypto analyst Ali Martinezwhich suggested that the king coin was about to hit an ATH.
Bitcoin’s New ATH, When?
In his analysis, Martinez pointed out that BTC could reach a new high if it stays above $67,400.
Source:
According to him, a break above $67,400 will strengthen Bitcoin to the next local high of around $86,600. Based on this assumption, the crypto will see an increase of 28.49%.
During the previous bull run, BTC saw a sustained rise from $38505 to the returning ATH of $73794. This represented an increase of 91.65% between January and March 2024.
Therefore, compared to the previous cycle, the argument is quite plausible.
What Bitcoin’s Charts Say
While Martinez sees a potential rise to an all-time high, the question is whether other market fundamentals support this case?
Source: CryptoQuant
The first indicator to take into account is the fund flow ratio, which measures the capital inflow into an asset. According to CryptoQuant, the fund flow ratio has increased from a low of 0.04 to 0.13 at the time of writing.
An increase in the fund flow ratio suggests more money is flowing into BTC, implying an increase in buying pressure.
Source: Santiment
Finally, Bitcoin active addresses have increased over the past week from 567.9k to 753k at the time of writing.
This indicates greater involvement in the network, implying that the recent uptrend is supported by strong fundamentals and not merely market speculation.
What’s next for BTC?
At the time of writing, BTC was trading at $67548. So, as noted above, BTC is currently enjoying strong upside momentum and positive market sentiment.
Read Bitcoin’s [BTC] Price forecast 2024–2025
If these conditions hold, the crypto will try to reach a resistance level of $70,000, where it previously faced multiple rejections.
A breakout from here could push Bitcoin to a new ATH. So it needs to trade above $70k first to make a new high.