Bitcoin, the world’s largest digital asset, recorded significant market gains in the past week to resume an uptrend that began in early October. Data from CoinMarketCap shows that Bitcoin rose by 10.58% in the past week as pro-crypto candidate Donald Trump emerged as US President-elect on November 5, followed by a 25 bps rate cut by the US Federal Reserve. With the crypto market leader recording new all-time highs each day, analyst Ali Martinez has dropped a new price target that hinges on a certain condition. Related Reading: Bitcoin Sentiment Enters Danger Zone: Investors Now Extremely Greedy Bitcoin Must Stay Above $71,480 – Here’s Why Amidst the current Bitcoin price rally, Ali Martinez predicts the digital asset could reach a local price peak of $85,360. However, this price action can only occur if BTC’s value does not decline below $71,480 based on data from the MVRV Deviation Pricing Bands, a trading tool used to identify extreme bullish and bearish market conditions based on the Market Value to Realized Value (MVRV). Martinez’s latest insight on Bitcoin’s trajectory follows a previous pre ..
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