Bitcoin Could Hit $86,000 If This Key Level Is Surpassed: Analyst

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,177,357,578,718	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,177,357,578,718

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3,752.81	-5.88%	60,083.22	60,076.26	60,079.98

Price Change

Price Change %

Current Price

Bid Price

Offer

-3,752.81

-5.88%

60,083.22

60,076.26

60,079.98

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,727.81	59,677.36	63,780.29	63,837.62	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,727.81

59,677.36

63,780.29

63,837.62

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	20:39:11	0.161200	60,081.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

20:39:11

0.161200

60,081.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,237,711,257.71	20,159.64	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,237,711,257.71

20,159.64

Bitcoin Could Hit $86,000 If This Key Level Is Surpassed: Analyst

17/04/2024 5:00pm

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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