According to prominent cryptocurrency analyst Ali Martinez, Bitcoin (BTC0 may hit a new all-time high of $86,600. The analyst says if BTC can break past $67,400, it could surge to a new local top.

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BTC is inching closer to the $67,400 mark, currently trading at $66,902.29. The original cryptocurrency has displayed robust performance over the last few days, rallying 2% in the daily charts, 7.4% in the weekly charts, 8.6% in the 14-day charts, 14.3% over the previous month, and 145.8% since October 2023.

Why Is Bitcoin Rallying?

October has historically been a bullish month for the cryptocurrency market. BTC’s current rise follows the same historical trend.

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The latest market surge could be due to investor sentiment improving. The US elections are drawing nearer, and many may have priced in a Donald Trump victory. Analysts anticipate a market-wide rally if Trump takes power due to his pro-business and pro-crypto policies.

Another reason behind BTC’s rally could be the possibility of another interest rate cut from the Federal Reserve in November. Interest rate cuts usually lead to investors taking on more risks.

When Will The Original Crypto Hit A New All-Time High?

According to Changelly, Bitcoin (BTC) will breach the $80,000 mark later this month, hitting a new all-time high of $87,093 on Oct. 31, 2024. The platform also anticipates the asset to breach the $90,000 mark by mid-November.

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CoinCodex analysts also paint a similar picture for Bitcoin (BTC), predicting it to breach the $80,000 level on Oct. 23, 2024. The platform anticipates BTC to trade at $86,326 on Oct. 31, 2024. Like Changelly, CoinCodex expects BTC to breach the $90,000 in mid-November.