Apr 18, 2024 12:05
In a compelling forecast for Bitcoin, Ali Martinez, a well-known cryptocurrency expert and trader, has pointed out a possible development that could propel the crypto asset’s price to the $86,000 threshold in the foreseeable future. Bitcoin Movement Determined By Key Levels The analyst’s positive perspective highlights the possibility of a large upward shift in the price trend of Bitcoin, igniting interest and speculation in the cryptocurrency space. Ali Martinez’s analysis primarily focuses on several key support and resistance levels, of which a break out from these levels will determine the future trajectory of Bitcoin. Related Reading: Are The Odds In Bitcoin Bulls Favor? These Analysts Forecast BTCs Future According to the expert, it appears the digital asset has been gathering momentum in a parallel channel. As a result, the $61,000 mark becomes the most significant support level, while the $72,400 mark becomes the most crucial resistance level. Martinez affirms that Bitcoin might plummet toward the $56,200 and $51,600 range if it manages to surpass the aforementioned support level. However, should it break out from the $72,400 resistance zone, $79,000 and $86,000 are the next price targets to expect. Considering the UTXO Realized Price Distribution (URPD) chart, Martinez notes that $62,000 also proves to be an important support area for Bitcoin. If this level is lost, attention might move to the following significant demand region, which is situated around $51,500. On the other hand, the likelihood of the bull run rekindling would be largely increased should there be a rise back above $66,250. This suggests a new wave of confidence and enthusiasm from market investors and players. Martinez has also identified a notable shift in the accumulation trend score for Bitcoin lately. Specifically, the recent development marks the first time it has happened in six months, and it is now pegged at 0.27. This change suggests that BTC whales might be selling off their holdings rather than hoarding the crypto asset even more. Interest From ETF Investors To Impact Price Substantially Despite the negative performance of BTC lately, several analysts still believe the coin is headed for unprecedented heights. Crypto expert Willy Woo recently made a bold forecast, putting his price target at $650,000 at the bull market top and $91,000 at the bear market bottom. Related Reading: Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000 Willy Woo expects the coin to top out at this level when ETF investors have completely deployed their capital based on asset manager recommendations. Furthermore, Woo stated that while these figures are quite cautious, Bitcoin will surpass the gold cap after ETFs have served their purpose. “Gold went on a 12-year bull run when its ETF was approved, now it is Bitcoin’s turn,” he added. In the last day, the price of Bitcoin has fluctuated between a low of $62,000 and a high of $66,000, ultimately concluding around $63,000. Its daily trading volume has decreased by 20%, indicating a declining intreest from traders. Featured image from iStock, chart from Tradingview.com
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