Bitcoin has recorded significant gains in recent weeks, rising 35% from $62,938 at the start of August to $85,265 as of late September. Trading analyst Ali Martinez outlined technical factors that could support continued momentum toward the psychologically significant $100,000 level.
According to Martinez's analysis, Bitcoin is holding above the $84,569 support level with limited resistance until $104,765. The bull case rests on several observations: large investors are accumulating Bitcoin rather than taking profits, and institutional activity through exchange-traded funds has been substantial.
Martinez cited specific data points, including 2,722 transactions exceeding $1 million on September 21 and $1.60 billion in ETF accumulation within a 72-hour period. He also noted that the Market Value to Realized Value pricing bands suggest minimal resistance before Bitcoin crosses above $100,000.
Technical indicators add further context to the rally. The MVRV ratio crossing above its 365-day moving average has historically appeared during bull market phases, including in 2019 and 2023, suggesting potential momentum continuation.
However, the timing of a move toward $100,000 remains uncertain. After a 14% rise between September 16 and September 21, Bitcoin appeared to enter a correction phase in late September. Martinez suggested that if the pullback remains above $84,569 support, consolidation lasting several weeks could precede the next major leg higher, with gains potentially resuming in early October.
