In a fascinating forecast for Bitcoin, Ali Martinez, a well-known cryptocurrency expert and trader, has pointed to a possible development that could push the price of the crypto asset to the $86,000 threshold in the near future.
Bitcoin movement determined by key levels
The analyst’s positive outlook highlights the possibility of a major upward shift in Bitcoin’s price trend, igniting interest and speculation in the cryptocurrency space. Ali Martinez’s analysis primarily focuses on a number of key support and resistance levels, of which breakouts from these levels will determine Bitcoin’s future path.
According to experts, it seems that digital assets are gathering momentum in parallel channels. Consequently, the $61,000 mark becomes the most important support level, while the $72,400 mark becomes the most important resistance level.
Martinez confirmed that if Bitcoin manages to break above the aforementioned support level, it could enter the range of $56,200 and $51,600. However, it breaks out of the $72,400 resistance zone while $79,000 and $86,000 are expected to be the next price targets.
Looking at the UTXO Realized Price Distribution (URPD) chart, Martinez notes that $62,000 is an important support area for Bitcoin. If this level is lost, attention will shift to the important demand area below, which is around $51,500.
On the other hand, a return above $66,250 would greatly increase the chances of rekindling the bull run. This indicates a new wave of confidence and enthusiasm from market investors and players.
Martinez also recently identified a significant shift in the accumulation trend score for Bitcoin. In particular, the recent development marks the first time this has occurred in six months and is now pegged at 0.27. This change suggests that BTC whales may be selling their holdings rather than hoarding more of the crypto asset.
ETF investors will have a significant impact on interest rates
Despite the negative performance of BTC recently, many analysts still believe that the coin is headed for unprecedented heights. Crypto expert Willy Wu recently made a bold prediction, placing his price target at $650,000 at the top of a bull market and $91,000 at the bottom of a bear market.
Willy Wu expects the coin to top this level when ETF investors have fully deployed their capital based on the asset manager’s recommendations. Furthermore, Wu said that although these figures are very conservative, Bitcoin will surpass gold once the ETF fulfills its purpose. “Gold went on a 12-year bull run when its ETF was approved, now it’s Bitcoin’s turn,” he added.
Over the last day, the price of Bitcoin has fluctuated between a low of $62,000 and a high of $66,000, finally reaching $63,000. Its daily trading volume has dropped by 20%, indicating declining health from traders.
