At the start of October, the primary cryptocurrency briefly exceeded $87,000, prompting many analysts to suggest that a new bull cycle had begun. Instead of a massive rally, though, the asset has seen increased volatility and has retraced to the current $83,500 (per CoinGecko).
However, this doesn’t necessarily mean that the bull run scenario is completely out of the question. Here’s what Ali Martinez thinks could trigger the next big move north.
The Key Level
The popular analyst paid close attention to $84,000, saying it marks the 50 SMA and could unlock the next rally. He noted that the last time BTC bounced from the bottom of its recent price channel, the 200 SMA held and a 4-hour close above the 50 SMA confirmed the uptrend.
“A 4-hour close above it could confirm the next leg higher to $93,000,” he projected.
Martinez’s take on Bitcoin follows another observation that supports a potential short-term price increase. Earlier this week, he said whales bought more than 16,000 BTC in about five days, raising their total holdings to about 5.26 million units.
“That buying puts a rebound in focus, but Bitcoin has a hurdle to clear first. On-chain data shows nearly 800,000 BTC were previously traded around $84,569. A break above this supply zone would strengthen the case for a move higher,” he added.
Other market observers who have recently weighed in on the asset include Scient and Toz. The former claimed BTC has formed “the cleanest cup and handle pattern you will ever see,” targeting $105,000. For their part, Toz assumed the cryptocurrency may mimic its late-2022 performance, which consisted of a substantial dip followed by a major ascent.
Golden Cross?
The well-known X user Crypto Rover shared an intriguing chart showing that BTC’s 50-day moving average has climbed above the 100-day MA.
“The last time Bitcoin flashed this Golden Cross, it marked the END of the bear market. BTC went on to rally over 500%.”
This is considered a bullish development, but one should keep in mind that a classic golden cross forms when the 50-day MA crosses above the 200-day MA. In September last year, BTC printed that signal while trading just south of $110,000. About a month later, the cryptocurrency hit a new historical peak above $126,000.
The post The Key Catalyst That Could Unlock Bitcoin’s Next Rally: Analyst appeared first on CryptoPotato.