In a compelling forecast for bitcoin, Ali Martínez, a well-known cryptocurrency trader and expert, has x.com/ali_charts/status/1780192519147368520″ target=”_blank” rel=”nofollow”>he pointed a possible development that could push the price of the crypto asset to the $86,000 threshold in the foreseeable future.
bitcoin Movement Determined by Key Levels
The analyst's positive outlook highlights the possibility of a large upward shift in the price trend of bitcoingenerating interest and speculation in the cryptocurrency space. Ali Martínez's analysis primarily focuses on several key support and resistance levels, of which a breakout of these levels will determine the future trajectory of bitcoin.
According to the expert, it seems that the digital asset has been gaining momentum on 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.
Martínez claims that bitcoin could plummet towards the $56,200 and $51,600 range if it manages to break above the aforementioned support level. However, if it breaks out of the $72,400 resistance zone, $79,000 and $86,000 are the next price targets to look out for.
Taking into account UTXO's Realized Price Distribution (URPD) chart, Martinez notes that $62,000 also proves to be a major support area for bitcoin. If this level is lost, attention could shift to the next major demand region, which sits around $51,500.
On the other hand, the probability of a revival of the bull run would increase considerably if there were a rise above $66,250. This suggests a new wave of confidence and enthusiasm on the part of investors and market players.
Martinez has also identified a notable change in bitcoin's accumulation trend score lately. Specifically, the recent development marks the first time it has occurred in six months, and is now set at 0.27. This change suggests that btc whales could be selling their holdings rather than hoarding the crypto asset further.
ETF Investor Interest Will Have Substantial Impact on Price
Despite btc's negative performance lately, several analysts still believe the coin is headed to unprecedented heights. crypto expert Willy Woo recently made a bold x.com/woonomic/status/1779829797738438754″ target=”_blank” rel=”nofollow”>forecastsetting its target price at $650,000 at the bull market high and $91,000 at the bear market low.
Willy Woo expects the coin to peak at this level when ETF investors have fully deployed their capital based on asset managers' recommendations. Furthermore, Woo stated that while these figures are quite cautious, bitcoin will exceed the gold limit after ETFs They have fulfilled their purpose. “Gold entered a 12-year bull run when its ETF was approved, now it's 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, finally concluding around $63,000. Its daily trading volume has decreased by 20%, indicating a decline in trader interest.
Featured image from iStock, chart from Tradingview.com
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