A crypto analyst named Ali Martinez thinks Bitcoin could skyrocket to a new all-time high of $86,600. This prediction comes after Bitcoin’s recent price surge, which has many people excited about a new bull run.
Breaking the $67,400 Barrier
Martinez believes that if Bitcoin breaks through the $67,400 mark, it could quickly climb to $86,600. He sees this as a potential peak for the next bull run. Bitcoin already touched $68,000 on October 15th, its highest point since July.
Technical and Fundamental Signals
Bitcoin is looking strong from both a technical and fundamental perspective. It recently broke above its 200-day moving average, which is a bullish sign. Martinez says that historically, breaking this moving average has always led to a big price jump.
Increased Investor Interest
There’s also a lot of investor interest in Bitcoin right now. The amount of Bitcoin held on exchanges has been decreasing, with over $24 billion worth of Bitcoin withdrawn in the last eight months. This suggests that investors are holding onto their Bitcoin and expecting it to rise in value.
When Could the Rally Start?
Martinez didn’t say when this rally to $86,600 might happen. However, another analyst, Mikybull Crypto, thinks the “real fun” could start around October 22nd. He believes Bitcoin is about to enter a new wave of growth that could push the price even higher than Martinez’s prediction.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading around $67,000, up over 2% in the last 24 hours.
