Bitcoin has surged 10.58% recently due to a pro-crypto US presidential election outcome and a Federal Reserve rate cut. Analyst Ali Martinez forecasts Bitcoin could reach $85,360, provided its price stays above $71,480.
The prediction relies on the MVRV Deviation Pricing Bands. Bitcoin achieved previous price targets at $77,000, but avoiding a drop below $71,480 is deemed crucial to prevent declines to $66,000.
Positive market sentiment, bolstered by potential US policy changes and Spot ETF inflows, overstate BTC profitability. Caution is advised given crypto market volatility.
Higher social excitement about surpassing $80,000 has historically led to retracements. Current Bitcoin value stands at $76,395, reflecting a 0.49% gain over 24 hours.
