Crypto analyst Ali Martinez has recently shared insights on how the Bitcoin price could surge to $86,600, potentially reaching a new all-time high (ATH) for the leading cryptocurrency. This positive outlook follows Bitcoin’s impressive price recovery, sparking renewed optimism for the upcoming bull run.
Bitcoin Price Potential to Reach $86,600
Martinez outlined in a recent post that if Bitcoin manages to surpass the $67,400 mark, it could soar to approximately $86,600. This target price could signify a significant milestone for Bitcoin and serve as a potential local top for the cryptocurrency. Bitcoin recently surpassed $67,400, climbing to nearly $68,000 on October 15, marking its highest level since July.
Factors Driving Bitcoin’s Price Surge
Despite a slight retracement in the Bitcoin price, there is a strong belief that it could retest and break above the $67,400 level once again. This breakthrough could pave the way for Bitcoin to achieve a new ATH and rise to $86,600, as anticipated by Ali Martinez. Bitcoin currently demonstrates a bullish outlook based on both technical and fundamental analyses.
Martinez previously highlighted that Bitcoin’s price surpassed its 200-day moving average (MA) at around $65,844. According to Martinez, breaking above this moving average historically triggers parabolic bull runs, indicating that Bitcoin is poised for a significant upward movement.
Moreover, Martinez reported that Bitcoin’s open interest across all exchanges recently hit a new ATH of $19.75 billion. This surge in open interest often precedes major price movements, signifying increased capital involvement in the market.
Potential Timing for Bitcoin’s Price Surge
While Martinez did not specify a timeline for Bitcoin’s ascent to $86,600, crypto analyst Mikybull Crypto indicated that the wave 5 expansion is imminent. According to a recent post by Mikybull Crypto, the real upward momentum could kick off around the 22nd of this month, potentially propelling Bitcoin’s price to $90,000.
Currently, Bitcoin is trading around $67,000, reflecting a more than 2% increase in the last 24 hours based on CoinMarketCap data.
Featured image created with Dall.E, chart from Tradingview.com