Crypto analyst Ali Martinez suggests Bitcoin's price could reach $86,600, marking a new all-time high, if it surpasses $67,400. This prediction aligns with the recent bullish momentum evidenced by Bitcoin's significant price rebound.
Martinez highlighted that Bitcoin's recent rise past $67,400 to nearly $68,000 is a promising development. Despite some retracement, there remains optimism about Bitcoin testing this threshold again, initiating a rally to hit $86,600.
The recent break over Bitcoin's 200-day moving average reinforces a bullish outlook. Such breaks have traditionally triggered parabolic bull runs, suggesting the cryptocurrency is well-positioned for upward movement.
Additional indicators of growing interest include Bitcoin's open interest reaching a new all-time high at $19.75 billion, suggesting potential for substantial price moves. Increased withdrawals and demand indicate heightened investor confidence.
While Martinez abstained from giving a precise timeline, analyst Mikybull Crypto hinted that the 22nd of this month might see the start of a substantial rally. His insights suggest Bitcoin's price could exceed $90,000.
Currently, Bitcoin trades at around $67,000, reflecting over a 2% increase within the last 24 hours, showcasing its positive momentum and potential for further growth.
