Bitcoin [BTC] has witnessed a significant surge over the last week, climbing from a low of $58k to $67k, marking a substantial 14.57% increase.
This surge has reignited optimism in the market regarding the anticipated Uptober. Consequently, various market participants, particularly analysts, have begun envisioning a new all-time high (ATH).
Among these analysts is the well-known crypto analyst Ali Martinez, who has indicated that the primary cryptocurrency is on the brink of reaching an ATH.
When Will Bitcoin Reach a New ATH?
As per Martinez’s analysis, BTC could achieve a new peak if it manages to stay above $67400.
He suggests that a breakthrough above $67400 would bolster Bitcoin towards the subsequent local high of approximately $86600, leading to a 28.49% upsurge.
During the previous bull market, Bitcoin witnessed a sustained climb from $38505 to the recurring ATH of $73794, denoting a remarkable 91.65% surge between January and March 2024.
Therefore, when juxtaposed with the prior cycle, the argument seems quite convincing.
Insights from Bitcoin’s Charts
Although Martinez envisions a potential surge to an all-time high, it is essential to ascertain whether other market fundamentals corroborate this scenario.
The first metric to consider is the fund flow ratio, which gauges the capital inflow into an asset. According to CryptoQuant, the fund flow ratio has escalated from a low of 0.04 to 0.13 at the current time.
An uptick in the fund flow ratio indicates a rise in capital flowing into Bitcoin, indicating an increase in buying pressure.
Moreover, Bitcoin’s active addresses have shown an uptrend over the past week, rising from 567.9k to 753k presently.
This uptick indicates heightened network engagement, indicating that the recent uptrend is underpinned by robust fundamentals rather than mere market speculation.
Future Trajectory for BTC
At the time of this composition, Bitcoin was exchanging at $67548. Consequently, Bitcoin is presently experiencing a robust upward trajectory and favorable market sentiments.
Should these conditions persist, the cryptocurrency will strive towards a $70,000 resistance level, where it has previously encountered multiple rejections.
A breakthrough from this level could propel Bitcoin towards a fresh all-time high. Hence, breaching the $70k mark is a crucial prerequisite for achieving a new peak.