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.
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