Bitcoin Could Reach $112,000 If It Holds Above $94,000

Crypto analyst Ali Martinez indicated that Bitcoin (BTC) may rise to $112,000 if it breaks and holds above $94,000. Currently, BTC trades in the low $80,000 range following a slight uptick after the US Federal Reserve's announcement.

Key Levels for Bitcoin

  • BTC could reach a new all-time high with sustained momentum above $94,000.
  • If BTC falls below $76,000, it may drop to $58,000 or even $44,000.
  • MVRV Extreme Deviation Pricing Bands suggest BTC is between the mean and +0.5 standard deviation bands.
  • A Daily Close above $84,000 is critical for maintaining support.

Rekt Capital noted the importance of the $84,000 level for potential upward movement toward $94,000.

Short Squeeze Potential

  • Trader Merlijn The Trader highlighted that pessimism around BTC could trigger a short squeeze, with $2 billion in short positions at risk of liquidation if BTC reaches $87,000.
  • Arthur Hayes suggested that BTC's drop to $77,000 on March 10 might represent the market cycle's bottom.

As of now, BTC is trading at $84,043, down 2% over the last 24 hours.