Bitcoin has seen a strong upswing since hitting a low of $58k, spiking by 14.57%.
- Bitcoin will hit a new ATH of $86600 if $67400 resistance is flipped. Bitcoin is showing a strong upward momentum with increased accumulation.
Over the past week, Bitcoin [BTC] has experienced a strong upswing from a low of $58k to $67k, hiking by 14.57%.
This surge has rejuvenated market optimism over the long-awaited Uptober. As such, various market players, especially analysts, have started to dream of a new ATH.
One of these analysts is the popular crypto analyst Ali Martinez, who suggested that the king coin was on the verge of hitting an ATH.
Bitcoin’s new ATH, when?
In his analysis, Martinez pointed out that BTC can reach a new high if it remains above $67400.
Source: X
According to him, a breakout above $67400 will strengthen Bitcoin to the next local high of around $86600. Based on this assumption, the crypto will see a 28.49% upsurge.
During the previous bull run, BTC saw a sustained rise from $38505 to the recurrent ATH of $73794. This marked a 91.65% increase between January and March 2024.
Therefore, compared with the previous cycle, the argument is quite plausible.
What Bitcoin’s charts says
While Martinez sees a potential upsurge to a record high, the question is does other market fundamentals support the case?
Source: CryptoQuant
The first indicator to consider is the fund flow ratio, which measures the capital inflow into an asset. According to CryptoQuant, the Fund flow ratio has surged from a low of 0.04 to 0.13 at press time.
A rise in the Fund flow ratio suggests that more money is flowing into BTC, implying a rise in buying pressure.
Source: Santiment
Finally, Bitcoin’s active addresses have been rising over the past week from 567.9k to 753k at press time.
This shows higher engagement with the network, which implies that the recent uptrend is supported by strong fundamentals and not mere market speculation.
What’s next for BTC?
As of this writing, BTC was trading at $67548. Thus, as observed above, BTC is currently enjoying a strong upward momentum and positive market sentiment.
If these conditions can hold, the crypto will attempt a $70,000 resistance level where it has previously faced multiple rejections.
A breakout from here can propel Bitcoin to a new ATH. Thus, it must first trade above $70k to make a new high.
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