Bitcoin (BTC) recorded two strong rallies in under two months that took the world’s premier cryptocurrency 35% higher, from $62,938 at the start of August to $85,265 at press time on September 23.
This upsurge can, in the foreseeable future, lead BTC to reclaim the psychologically critical $100,000 level, per the analysis published by the popular trading expert Ali Martinez on X on Tuesday.
Specifically, Bitcoin is, so far, holding steady above the $84,569 support and has little in terms of resistance before hitting $104,765.
The bull thesis is, according to Martinez, further reinforced by large investors accumulating additional cryptocurrency rather than taking profits, and by significant exchange-traded fund (ETF) activity.
The analyst highlighted the fact that September 21 saw 2,722 transactions worth more than $1 million and that, within just 72 hours, ETFs accumulated $1.60 billion worth of BTC.
Finally, the trading expert highlighted that Market Value to Realized Value (MVRV) pricing bands also hint at Bitcoin having little in terms of resistance before crossing above $100,000.
Still, Martinez did not offer an exact timeline for the hoped-for rally, merely stating that the psychological threshold remains ‘in focus’ as long as demand stays strong.
Bitcoin rallies above $85,000, attempts to reclaim $90,000
In a Separate report from September 23, Finbold flagged that the MVRV ratio crossing back above its 365-day moving average (MA) also signals a return to a more decisive bull market.
Indeed, the same indicator showed up in 2019 and 2023 and, in both cases, proved itself to be one of the key momentum indicators. Under the circumstances, Bitcoin appears to be attempting a reclamation of the $90,000 price point ahead of the possible drive above $100,000.
When might Bitcoin surge toward $100,000?
Meanwhile, the market developments early on Wednesday, September 23, indicate that the next leg of the rally might not be quite imminent.
Much like at the end of August, BTC appears to be experiencing a slight correction following the 14% upsurge between September 16 and September 21 and might experience several weeks of consolidation before making the next major move.
Still, as long as the drop remains limited – and, per Martinez’s estimates, above $84,569 – a continuation of the upsurge during the first half of October appears probable.
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