Bitcoin Could Hit $86,000 If This Key Level Is Surpassed: Analyst
18 April 2024 - 2:00AM
NEWSBTC
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 BTC’s 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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