Bitcoin (BTC) on Verge of Hitting New High of $78,000: Details

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Popular on-chain analyst and trader Ali Martinez has just mapped out the road to a new all-time high (ATH) for Bitcoin (BTC). Taking to X (formerly Twitter), Martinez retweeted his prior Bitcoin price prediction and added more information about it. In his previous tweet from Sept. 23, the analyst predicted that BTC can hit a new ATH.

He said that, in his opinion, it would be great for Bitcoin to drop to the $60,000 price level and shatter the hopes of the community. However, he mentioned that after this drop, BTC would rebound to $66,000 and then see another drop toward $57,000. After that, the Bitcoin price would finally break out toward $78,000.

This surprising-yet-crucial take from Martinez seemed confusing at the time. However, Bitcoin is surprisingly following this same path. In the last few weeks, the leading cryptocurrency actually witnessed a drop to $60,000 before rebounding to $66,000 and again retracing to $57,000. The first three points from Martinez’s prediction have come to fruition.

Bitcoin's new all-time-high scenario

Only his prediction of a new ATH at $78,000 is left now, as the community is waiting to see whether it actually happens or not. Seeing this, Ali Martinez reiterated his stance earlier today. He reminded his followers about his Bitcoin price prediction and mentioned that $78,000 is indeed the next target for the BTC price.

Bitcoin, as of writing time, is trading at $65,673 after an increase of 1.18% in the last 24 hours. The cryptocurrency is already up 9.45% in value over the last 30 days. The current sentiment on the market is very bullish, and seeing the anticipation around the "Uptober" theory, it is likely that BTC is on the verge of hitting a new all-time high.