Analyst sets Bitcoin price target ahead of October’s FOMC
Ahead of the October 28, 2026, Federal Open Market Committee (FOMC) meeting, crypto analyst Ali Martinez has set bold targets for Bitcoin (BTC).
Martinez noted on Wednesday that BTC’s UTXO Realized Price Distribution (URPD), an on-chain metric that shows the amount of a crypto that last moved within specific price ranges, hence revealing where investors acquired their coins, shows that Bitcoin’s price has a key support level at about $81,000. Furthermore, the analyst noted that almost 1 million BTC traded at this liquidity level.
BTC URPD chart. Source: Glassnode, alicharts.
He highlighted that for Bitcoin price to resume its bull run, it must consistently close above $84,500. If BTC reclaims $84,500, Martinez has set the next target at $92,000.
“To turn bullish, Bitcoin needs to clear $84,500, where roughly 620,000 BTC traded. Above that, the next levels I’m watching are $92,000 and $104,000,” Martinez argued.
On the other hand, the analyst pointed out that if the flagship coin fails to defend the support level at $81,000, a capitulation towards $77,000 could follow. He warned a bearish sentiment could continue if heightened selling continues in the United States.
Moreover, the Bitcoin Coinbase Premium Gap – difference between BTC price on Coinbase and Binance – remained largely negative, according to data from CryptoQuant. Essentially, a negative Coinbase Premium Gap indicates that U.S. investors are not willing to pay the global BTC price, thereby showing their low demand.
Bitcoin Coinbase Premium Gap. Source: CryptoQuant, alicharts.
Bitcoin price performance today
As of press time, BTC price had fallen more than 4% over the past 30 days, trading at $80,492.96. Ahead of the much-awaited FOMC data, the digital asset saw its 24-hour average trading volume decline by 7.6% to $20.21 billion, according to metrics from CoinMarketCap.
BTC performance today. Source: CoinMarketCap
After a notable correction over the past four weeks, Martinez believes that BTC’s bull market is at a major crossroads that could either result in a rally to $92,000 or a capitulation to $77,000.
Featured image via Shutterstock
