If Bitcoin breaks its all-time high, the price could shoot up to $85,000

This morning, investors were pleasantly surprised, as Bitcoin (BTC) has broken the important barrier of $70,000 and is at around $73,100 at the time of writing. This puts the digital currency close to its previous all-time high (ATH) of almost $73,750, which it last reached in March this year.

Many crypto investors are hoping that the positive momentum will continue and a new price record will be set soon.

Bitcoin price of $85,000 is possible

According to an analysis by Albert Brown, the chances of a new ATH have increased significantly. Based on a Fibonacci analysis, the analyst points to the following price levels as the most likely targets. The technical analysis shows important levels around $78,300 and $85,000, representing the 1,272 and 1,618 Fibonacci levels respectively.

The Fibonacci levels suggest that, should Bitcoin manage to break its current resistance levels, there is a good chance the price will rise to the new ATHs of $78,300 and $85,000. If this prediction comes true, it would mean an increase of 9.6% and more than 19% respectively compared to the current price.

Movement in the derivatives market

Brown’s analysis is supported by developments in the derivatives market. There, traders anticipate a BTC price above $80,000, fueled by optimism about a possible election victory for Donald Trump, according to Bitfinex analysts. Currently, more and more call options are trading before the end of the year, with a strike price of $80,000 having the highest trading volume. Additionally, Bitcoin exchange-traded funds (ETFs) have seen significant capital flows in recent days, with an inflow of $479 million on October 28.