Crypto analyst Ali Martinez revealed how the price of Bitcoin could go up to $86,600, which would be a novel achievement highest level ever (ATH) for the flagship cryptocurrency. This comes amid an impressive rebound in BTC prices, which has brought renewed optimism that the next stage of the bull market is near.

Bitcoin’s price could surge to $86,600 if it breaks above this level

Martinez mentioned in post He indicated that this price target could represent another potential local peak for the flagship cryptocurrency. Bitcoin rose above $67,400 and rose to nearly $68,000 on October 15, the highest level since July.

Although Bitcoin’s price has made a comeback, there is a belief that it could retest the $67,400 price target and successfully break above it. This could ultimately pave the way for BTC to reach a novel ATH and climb to $86,600 as Ali Martinez predicts. Bitcoin currently boasts a bullish outlook from a technical and fundamental analysis point of view.

Bitcoin’s recent price rally led to a break of the 200-day moving average (MA) that was around $65,844. Martinez noted earlier that a break above this moving average always led to parabolic runs. Therefore, a break above this 200-day MA indicates that the flagship cryptocurrency is well positioned for a massive move higher.

A cryptocurrency analyst also recently revealed this Open interest in Bitcoin across all exchanges it just achieved a novel ATH of $19.75 billion. He mentioned that a jump in this indicator often signals massive price moves in the future, with more capital on the line.

Indeed, Bitcoin investors appear to be allocating more capital to the flagship cryptocurrency, as Martinez revealed that over 400,000 BTC ($24 billion) has been withdrawn from exchanges over the past eight months.

Cryptoquant CEO Ki Newborn Ju also suggested that demand for the flagship cryptocurrency has increased while stating that the apparent demand for Bitcoin has returned. This metric measures the difference between mined BTC and supply that has been inactive for some time.

When could the raise to $86,000 occur?

Martinez did not provide a timeline for when the raise to $86,000 might occur. However, a cryptocurrency analyst Crypto Mikybull provided insight into when Bitcoin price could enjoy this parabolic rise. The analyst stated in Post X that wave 5 expansion will start soon.

He added that the “real fun” will likely begin on the 22nd of this month. The attached chart showed that a wave 5 expansion could result Bitcoin price to around $90,000even higher than Martinez predicts.

As of this writing, Bitcoin is trading at around $67,000, up over 2% in the last 24 hours, according to Bitcoin data. data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com