A widely followed crypto analyst says that Bitcoin (BTC) could skyrocket to a new all-time high if it can shoot above a key resistance level.
In a new strategy session, crypto trader Ali Martinez tells his 136,500 followers on the social media platform X that the top crypto asset by market cap can break above $97,530, which could mean it’s on its way to a new all-time high price tag.
“The key resistance level to watch for Bitcoin is $97,530. A breakout above it could open the door to new all-time highs.”
According to Martinez, based on the MVRV (market value to realized value) metric – which gauges the market’s sentiment and valuation of a crypto asset – the flagship digital asset’s next stop would be $114,230 if it were to break $97,530, a new all-time best for BTC.
The trader goes on to say that historically, when BTC’s MVRV crosses above its one-year simple moving average (SMA), it means that BTC is gearing up to make a move to the upside.
“BTC momentum could shift bullish once the MVRV crosses above its one-year SMA. A golden cross that historically signals strong upside potential.”
However, Martinez warns that Bitcoin could instead dip and go the other way, telling traders to keep an eye on key support levels of $93,198 and $83,443 if the asset’s momentum shifts.
Bitcoin is trading for $97,031 at time of writing, a 3.3% increase during the last 24 hours.
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