In a recent X post, seasoned crypto analyst Ali Martinez highlighted a critical price level that Bitcoin (BTC) must defend to maintain its hopes for a potential new all-time high (ATH). At the same time, several key indicators are pointing toward strengthening holder conviction in the leading cryptocurrency.
Bitcoin Must Hold This Price Level For New ATH
Martinez noted that if Bitcoin can decisively break through $95,500 and hold above it, then according to the Market Value to Realized Value (MVRV) Pricing Bands, the next major target for BTC could be $113,800.
Recent momentum and price action suggest that BTC could be witnessing the early stages of a fresh rally. Notably, Bitcoin recently surged above its 200-day Simple Moving Average (SMA) – a historically bullish signal that often precedes significant price appreciation.
Additionally, the Bitcoin Accumulation Trend Score is approaching 1, which typically signals strong accumulation. A score nearing 1 indicates that large investors are actively buying, reflecting growing confidence in a potential near-term price rally.
To elaborate, the Bitcoin Accumulation Trend Score measures how much BTC is being accumulated across different wallet sizes, weighted by the size of their holdings. A score close to 1 means heavy accumulation by large holders, while a score near 0 suggests distribution or limited buying activity.
On the weekly timeframe, Bitcoin has flipped bullish as well. In a separate X post, crypto analyst Titan of Crypto pointed out that BTC closed a strong bullish weekly candle, successfully reclaiming all Ichimoku indicator lines – a development that historically supports continued upward momentum.
BTC Mirroring 2021 Price Action?
Meanwhile, crypto analyst Rekt Capital made an intriguing observation regarding Bitcoin’s recent behavior. He noted that BTC appears to be mirroring its price action from 2021, following breakouts above both the 21-week Exponential Moving Average (EMA) and the 50-week EMA.
At that time, Bitcoin surged to a new ATH of approximately $69,000 before undergoing a significant correction. If BTC follows a similar trajectory, it could potentially climb to a new ATH above $110,000.
In the near term, BTC is forecasted to reclaim the $100,000 level. According to blockchain analytics firm Santiment, the flagship cryptocurrency could enter six-figure territory within as little as one to two weeks.
Adding to the bullish outlook, recent analyses based on Fibonacci Extensions and the Bitcoin State of the Trend indicator – which has turned green on the weekly chart – also predict a new ATH could be on the horizon. At press time, BTC trades at $93,696, down 0.2% in the past 24 hours.
