The Key Catalyst That Could Unlock Bitcoin’s Next Rally: Analyst

Check out what can fuel a pump toward $93,000. 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). 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. The Key Level The popular analyst paid close attention to $84,000, saying it marks the 50 SMA and could unlock the next rally. He noted 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. “A 4-hour close above it could confirm the next leg higher to $93,000,” he projected. Martinez’s take on Bitcoin follows another observation that supports a potential short-term price increase. Earlier this week, he said whales bought more than 16,000 BTC in about five days, raising their total holdings to about 5.26 million units. “That buying puts a rebound in focus, but Bitcoin has a hurdle to clear first. O...