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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).<\/p>\n
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.<\/p>\n
The popular analyst paid close attention to $84,000, saying it marks the 50 SMA and could unlock the next rally. He noted<\/a> 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.<\/p>\n “A 4-hour close above it could confirm the next leg higher to $93,000,” he projected.<\/p>\n<\/blockquote>\n Martinez’s take on Bitcoin follows another observation that supports a potential short-term price increase. Earlier this week, he said<\/a> whales bought more than 16,000 BTC in about five days, raising their total holdings to about 5.26 million units.<\/p>\n “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.<\/p>\n<\/blockquote>\n Other market observers who have recently weighed in on the asset include Scient and Toz. The former claimed<\/a> BTC has formed “the cleanest cup and handle pattern you will ever see,” targeting $105,000. For their part, Toz assumed<\/a> the cryptocurrency may mimic its late-2022 performance, which consisted of a substantial dip followed by a major ascent.<\/p>\n The well-known X user Crypto Rover shared<\/a> an intriguing chart showing that BTC’s 50-day moving average has climbed above the 100-day MA.<\/p>\n “The last time Bitcoin flashed this Golden Cross, it marked the END of the bear market. BTC went on to rally over 500%.”<\/p>\n<\/blockquote>\n 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<\/a> that signal while trading just south of $110,000. About a month later, the cryptocurrency hit<\/a> a new historical peak above $126,000.<\/p>\n The post The Key Catalyst That Could Unlock Bitcoin’s Next Rally: Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
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Golden Cross?<\/h2>\n
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