16 October 2024
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.
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to be allocating more capital to the flagship crypto as Martinez revealed that over 400,000 BTC ($24 billion) had been withdrawn from exchanges in the past eight months.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.
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.