Bitcoin Could Hit New All-Time High if It Breaks Key Resistance Level, Says Analyst

A highly regarded crypto analyst has suggested that Bitcoin (BTC) has the potential to surge to a new all-time high if it manages to surpass a crucial resistance level.

Breaking Resistance for New Highs

Ali Martinez, a prominent crypto trader, recently shared insights with his 136,500 followers on X, indicating that Bitcoin, the leading cryptocurrency by market capitalization, could rally above $97,530. Such a breakthrough could pave the way for a new record high price for BTC.

Based on the MVRV (market value to realized value) metric, which assesses the market sentiment and valuation of a crypto asset, Martinez predicts that Bitcoin could potentially reach $114,230 if it manages to breach the $97,530 mark, setting a new all-time high for BTC.

Signs of Bullish Momentum

Martinez also highlights that historically, when Bitcoin’s MVRV surpasses its one-year simple moving average (SMA), it typically signals an impending move to the upside.

However, Martinez cautions that Bitcoin could experience a downward correction instead. Traders are advised to monitor critical support levels at $93,198 and $83,443 in case the asset’s momentum shifts.

As of the latest update, Bitcoin is trading at $97,031, reflecting a 3.3% gain over the past 24 hours.

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