As a seasoned crypto investor with over a decade of experience in this volatile market, I find myself increasingly optimistic about Bitcoin’s potential to reach new heights. The analysis by Ali Martinez and Mikybull Crypto, backed by technical indicators and fundamental trends, suggests that we could be on the verge of another parabolic rally.
Bitcoin expert Ali Martinez has disclosed a potential prediction suggesting the Bitcoin price could surge up to an astounding $86,600, surpassing its previous all-time high (record-breaking peak). This optimism arises from BTC‘s remarkable price recovery, fueling speculation that the next phase of the bull market may be imminent.
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.
Even though Bitcoin’s price has dropped recently, many experts, like Ali Martinez, think it could attempt to surpass the $67,400 mark again and break through this level. This potential breakthrough could lead Bitcoin to set a new all-time high (ATH) and reach $86,600. From both technical and fundamental perspectives, Bitcoin currently appears bullish.
The surge in Bitcoin’s price has caused it to exceed its 200-day moving average (MA), which was approximately $65,844. As Martinez pointed out earlier, such a break above the moving average usually signals a prolonged and rapid rise, or a ‘parabolic bull run.’ Consequently, passing this 200-day MA suggests that Bitcoin is poised for a significant upward spike.
As a crypto analyst, I’ve just noticed that the total open interest for Bitcoin across all exchanges has reached an all-time high (ATH) of $19.75 billion. This significant surge usually indicates potential large price fluctuations in the near future, as there appears to be more capital at stake.
It appears that a significant number of Bitcoin investors are increasing their investment in the leading cryptocurrency, as Martinez pointed out that approximately 400,000 Bitcoins (worth around $24 billion) have been removed from exchanges over the past eight months.
According to Cryptoquant’s CEO, Ki Young Ju, there seems to be a growing interest in the primary cryptocurrency, as he noted a resurgence of Bitcoin’s demand. This measure is based on the gap between newly mined Bitcoins and the supply that has been dormant for some time.
When The Rise To $86,000 Could Happen
Martinez didn’t give a specific timeframe for when Bitcoin might reach $86,000, but crypto analyst Mikybull Crypto has shared his thoughts on when such a parabolic surge could occur. In a recent post, the analyst suggested that the wave 5 expansion is about to kick off imminently.
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.
Currently, Bitcoin is being exchanged at approximately $67,000, marking a rise of more than 2% within the past 24 hours, as per data obtained from CoinMarketCap.
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2024-10-16 21:04