Bitcoin's Next Stop at $131,200, If This Happens, Says Analyst

Cryptocurrency analyst and trader Ali Martinez, known on the X social media platform as @ali_charts, believes that the world’s flagship cryptocurrency, Bitcoin, has odds of soaring much higher than the recent all-time high very soon.

The analyst has published an X post with a Bitcoin chart attached, showing how $BTC can soar as high as $131,200.

"Bitcoin could march towards $131,200"

According to Martinez, Bitcoin could continue rising and reach $131,200 if it manages to maintain the important support level that has formed at $117,400.

This conclusion is based on a technical analysis trendline from the start of July. Besides, the 2.33% growth logged by Bitcoin today, on July 22, adds to the analyst's narrative. A day before, $BTC traded at $116,620, while now it is changing hands slightly above the $119,300 level.

SpaceX transfers Bitcoin after three years of holding

Earlier today, the crypto community was intrigued by the news that Elon Musk’s spacecraft company, SpaceX, made its first Bitcoin transfer after three years of keeping its $BTC inactive.

SpaceX transferred 1,308 $BTC worth approximately $153 million, and the transaction targeted anonymous address "bc1q8k...phartf," according to Arkham Intelligence on-chain data aggregator.

The last Bitcoin transfer made by Musk’s SpaceX was noticed on June 10, 2022. Back then, the company sent 3,505 $BTC (valued at around $102 million back then) to the largest U.S.-based cryptocurrency exchange, Coinbase. SpaceX now still holds 6,977 $BTC, equal to roughly $815 million in total.