Based on chart analysis and Fibonacci levels, the analyst has projected a new target of $170,000 for Bitcoin, representing approximately 1.618 Fibonacci extensions from its current ATH. With the Bitcoin price currently trading at $73,715, having given up some gains, a surge to $170,000 would represent a 130,55% increase. BTC Finally Hits Anticipated Price Discovery With Bitcoin finally reaching a new ATH after months of speculation and anticipation, crypto analyst Ali Martinez has disclosed that this surge signals the cryptocurrency’s entry into its price discovery. Related Reading: Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought A Bitcoin price discovery refers to how the market determines the current value or price based on supply and demand dynamics.
TradingShot revealed that after almost 20 years, the Bitcoin price was finally able to hold this key trendline not once but twice, leading to its last-week rally that saw its price testing the $73,800 mark. The analyst also highlighted that this price surge was an incredibly bullish move, indicating a strong market for Bitcoin.
Despite the new achievement, Martinez has revealed that investors are attempting to short Bitcoin by liquidating their holdings and cashing out profits. As a result, the analyst predicts that if Bitcoin goes back to the $75,550 price high, $210 million could be liquidated from the market. Featured image created with Dall.
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