Bitcoin Price Surge Hinted by Key Catalyst: Analyst

Introduction

At the start of October, Bitcoin briefly exceeded $87,000, prompting many analysts to suggest that a new bull cycle had begun. Instead of a massive rally, though, the asset has seen increased volatility and has retraced to the current $83,500 (per CoinGecko).

Key Catalyst

However, this doesn't necessarily mean that the bull run scenario is completely out of the question. Here's what Ali Martinez thinks could trigger the next big move north.

The Key Level

The popular analyst paid close attention to $84,000, saying it marks the 50 SMA and could unlock the next rally. He noted that the last time BTC bounced from the bottom of its recent price channel, the 200 SMA held and a 4-hour close above the 50 SMA confirmed the uptrend.

Whale Activity

Earlier this week, he said whales bought more than 16,000 BTC in about five days, raising their total holdings to about 5.26 million units.

On-chain Data

On-chain data shows nearly 800,000 BTC were previously traded around $84,569. A break above this supply zone would strengthen the case for a move higher.

Market Observations

Other market observers who have recently weighed in on the asset include Scient and Toz. The former claimed BTC has formed 'the cleanest cup and handle pattern you will ever see,' targeting $105,000. For their part, Toz assumed the cryptocurrency may mimic its late-2022 performance, which consisted of a substantial dip followed by a major ascent.

Golden Cross

Golden Cross? The well-known X user Crypto Rover shared an intriguing chart showing that BTC's 50-day moving average has climbed above the 100-day MA.

Conclusion

The last time Bitcoin flashed this Golden Cross, it marked the END of the bear market. BTC went on to rally over 500%. However, one should keep in mind that a classic golden cross forms when the 50-day MA crosses above the 200-day MA.