The primary cryptocurrency has climbed roughly 15% over the past week and briefly reached an eight-month high above $87,000. As of this writing, it trades just below $86,000, but overall bullish sentiment remains.
Popular analyst Ali Martinez set $100,000 as the next target, and here’s why it might come sooner than you think.
The Positive Factors
The renowned X user started his bullish observation by noting that BTC has risen more than 50% since bottoming below $58,000 in July. He claimed that even after this evident resurgence, large investors seem reluctant to take profits.
“Yesterday alone, the BTC network recorded more than 2,722 transactions, each worth over $1 million, showing that large entities remain active during the rally,” he said.
Martinez then turned to the ETF front, highlighting that spot Bitcoin exchange-traded funds have accumulated more than $1.6 billion worth of the cryptocurrency over the past 72 hours, adding significant buying pressure.
The analyst claimed that BTC continues trading above strong support at $84,569, where nearly 600,000 coins previously changed hands. The second major demand zone sits near $77,000, he added.
“With strong support below, overhead resistance is thinning out. The next major URPD resistance sits near $104,765, where roughly 283,000 BTC were traded,” Martinez revealed.
Last but not least, he paid attention to the MVRV Pricing Bands, which tell a similar story. Martinez said the mean band near $100,670 is the next key resistance for BTC, while the -0.5 band around $74,361 acts as a major support.
“As long as demand remains strong, $100,000 is in focus,” he concluded.
Don’t FOMO Here?
Bitcoin’s $10,000 price increase in less than a week has undoubtedly sparked huge enthusiasm across the crypto world and has led to the highest FOMO (Fear of Missing Out) since 2024.
This phenomenon happens when traders rush to buy the asset after a strong rally, fearing they will miss the chance to make substantial profits. It is worth noting that such crowded positioning often leaves the market vulnerable, and even a small wave of profit-taking can trigger a pullback, sending prices significantly lower.
X user Gerla recently advised traders and investors not to FOMO at current levels, expecting BTC to potentially correct to roughly $80,000 or higher, which could offer another buying opportunity.
“If we get that chance, I’d rather DCA there than chase $95K-$100K,” he concluded.
Source: CryptoPotato
