Bitcoin (BTC) has experienced a strong upswing over the past week, rising from $58k to $67k, an increase of 14.57%. This surge has reignited market optimism for the anticipated Uptober. Crypto analyst Ali Martinez suggests that BTC could reach a new all-time high (ATH) if it remains above $67400. He believes that a breakout above this resistance level would strengthen Bitcoin to the next local high of around $86600, resulting in a 28.49% upsurge.
During the previous bull run, BTC saw a sustained rise from $38505 to its recurrent ATH of $73794, marking a 91.65% increase between January and March 2024. Comparing this with the previous cycle, Martinez’s argument appears plausible. The fund flow ratio, which measures capital inflow into an asset, has surged from a low of 0.04 to 0.13 at press time.
This rise indicates that more money is flowing into BTC, suggesting increased buying pressure. Additionally, Bitcoin’s active addresses have increased over the past week from 567.9k to 753k at press time. This higher engagement with the network implies that the recent uptrend is supported by strong fundamentals rather than mere market speculation.
As of this writing, BTC is trading at $67548. If the current upward momentum and positive market sentiment can be sustained, Bitcoin will attempt to break through the $70,000 resistance level, where it has previously faced multiple rejections. A successful breakout from this level could lead to a new ATH.
