Key Points
- Bitcoin’s upward momentum could lead to a new ATH if it surpasses $67400 resistance.
- Market fundamentals such as fund flow ratio and active addresses support Bitcoin’s potential surge.
Bitcoin is exhibiting a significant upward trend, coupled with increased accumulation.
In the past week, Bitcoin [BTC] has seen a robust increase, moving from $58k to $67k, marking a 14.57% hike.
Analysts Predict New ATH
This rise has sparked renewed market optimism, leading many, particularly analysts, to anticipate a new ATH. Among these is well-known crypto analyst Ali Martinez, who believes that Bitcoin is on the cusp of reaching a new ATH.
In his analysis, Martinez indicated that if BTC maintains a level above $67400, it could reach a new high. He believes that a breakout above this level could push Bitcoin to a local high of approximately $86600, a 28.49% increase.
Market Fundamentals
While Martinez predicts a potential surge to a record high, it’s crucial to consider if other market fundamentals support this hypothesis. One such indicator is the fund flow ratio, which gauges the capital inflow into an asset. According to CryptoQuant, the Fund flow ratio has risen from a low of 0.04 to 0.13, suggesting increased buying pressure for BTC.
Additionally, the number of active Bitcoin addresses has increased over the past week, indicating higher network engagement. This suggests that the recent uptrend is backed by strong fundamentals rather than mere market speculation.
Bitcoin’s Future
At the time of writing, BTC was trading at $67548. As such, Bitcoin is currently experiencing strong upward momentum and positive market sentiment. If these conditions persist, Bitcoin could attempt to surpass the $70,000 resistance level where it has previously encountered multiple rejections. A breakout from here could propel Bitcoin to a new ATH, but it must first trade above $70k to reach this new high.