Analyst Identifies Level That Will Trigger Bitcoin's Growth

At the beginning of October, the price of the leading cryptocurrency briefly exceeded $87,000, prompting many analysts to suggest that a new bullish cycle had begun. However, instead of a significant rally, the asset faced increased volatility and declined to its current value of $83,500 (according to CoinGecko). Nevertheless, this does not mean that the bullish market scenario is completely exhausted. Analyst Ali Martinez believes that the level that could trigger the next growth is $84,000, as it corresponds to the 50-day moving average. He noted that the last time Bitcoin bounced off the bottom of its recent price channel, the 200-day moving average held, and a close above the 50-day served as confirmation of the upward trend. Quoting Martinez, a 4-hour close above this level "could confirm the next growth stage to $93,000."

Martinez's view on Bitcoin is accompanied by other observations that support a potential short-term price increase. Over the previous week, he reported that "whales" acquired more than 16,000 BTC in five days, increasing their total holdings to approximately 5.26 million units. He added that "the purchase puts recovery in the spotlight, but Bitcoin faces obstacles." On-chain data shows that nearly 800,000 BTC previously traded around $84,569. "A breakout above this supply zone will strengthen the case for growth," he noted. Other market participants who recently expressed opinions on this asset include Scient and Toz. The former claims that Bitcoin has formed "the cleanest cup and handle pattern you have ever seen," with a target of $105,000. For his part, Toz believes that the cryptocurrency could repeat its behavior from late 2022, when there was a sharp decline followed by a significant rise.

Also on platform X, well-known user Crypto Rover shared an interesting chart showing that Bitcoin's 50-day moving average has risen above the 100-day. "The last time Bitcoin showed this Golden Cross, it marked the end of the bear market. Bitcoin then rose by more than 500%," – he noted. This is considered a bullish signal; however, it should be remembered that the classic golden cross forms when the 50-day moving average crosses the 200-day. In September of last year, Bitcoin showed this signal while just below $110,000, and a month later, the cryptocurrency reached a new all-time high above $126,000.