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\u2019t necessarily mean that the bull run scenario is completely out of the question. Here\u2019s 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 \u201cA 4-hour close above it could confirm the next leg higher to $93,000,\u201d he projected.<\/p>\n Martinez\u2019s 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 \u201cThat 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,\u201d he added.<\/p>\n Other market observers who have recently weighed in on the asset include Scient and Toz. The former claimed<\/a> BTC has formed \u201cthe cleanest cup and handle pattern you will ever see,\u201d 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\u2019s 50-day moving average has climbed above the 100-day MA.<\/p>\n \u201cThe last time Bitcoin flashed this Golden Cross, it marked the END of the bear market. BTC went on to rally over 500%.\u201d<\/p>\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\u2019s Next Rally: Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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\u2019t necessarily mean that the bull run scenario is […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-238912","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/238912"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=238912"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/238912\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=238912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=238912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=238912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Golden Cross?<\/h2>\n