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Ali Martinez, a prominent crypto analyst, has projected a bold target for Bitcoin price in the current bull run. The analyst drew comparisons between BTC’s current price action and its behavior in December 2020. Moreover, the institutional influx into BTC and robust spot Bitcoin ETF inflows strengthen the narrative of a prolonged surge for the flagship crypto.
Bitcoin Price to Hit $135,000 Soon?
In a post on X, Martinez stated, “#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will gto $108,000, drop to $99,000, and bounce to $135,000!” Martinez’s analysis comes as Bitcoin price reached an all-time high of nearly $95,000 today, fueled by several bullish developments in the market.
Notably, the latest flows into Bitcoin ETFs on Tuesday, November 19, amounted to $816.4 million, indicating strong institutional demand. BlackRock accounted for $216.1 million of the inflows, Fidelity added $256.1 million, Ark contributed $267.3 million, and Bitwise brought in $52.8 million.
#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000! pic.twitter.com/hsIBWBVGnl
— Ali (@ali_charts) November 20, 2024
Adding to the momentum, MicroStrategy Inc. announced the pricing of its upsized $2.6 billion convertible senior notes offering today. The company confirmed that the proceeds from the sale will be used to acquire additional Bitcoin, further cementing its position as a major corporate Bitcoin holder.
This move follows the company’s earlier significant acquisition of $4.6 billion worth of BTC, underscoring its aggressive strategy to capitalize on Bitcoin’s bullish trend. Market observers note that these events are reinforcing Bitcoin’s upward trajectory. Martinez’s prediction of Bitcoin price potentially reaching $135,000 aligns with the optimism surrounding the crypto’s institutional adoption and growing demand.
Meanwhile, ETF inflows have been a key factor in Bitcoin’s recent rally, signaling sustained interest from institutional investors. The combined efforts of major asset managers like BlackRock, Fidelity, Ark, and Bitwise have contributed to the heightened liquidity and demand for BTC.
Furthermore, pro-crypto Donald Trump’s presidential win this month has also positively affected the momentum. Also, he has promised to establish a national strategic Bitcoin reserve in his upcoming administration. This could further boost the BTC price, potentially pushing it to new all-time highs beyond the $100,000 mark.