Bitcoin (BTC), the world’s largest and most popular cryptocurrency, has once again reclaimed the $85,000 level, marking the eighth time this week it has touched this comfortable zone. This data comes according to CoinGecko, a trusted global cryptocurrency data provider.
However, the market’s sideways movement shouldn’t lead to complacency. Market analyst Titan of Crypto points out that Bitcoin’s bullish structure remains “still intact”. Utilizing Fibonacci-based targets, he suggests a potential high of $135,000 by 2025.
Despite speculation of short-term pullbacks to key support levels, the analyst asserts that the megatrend for Bitcoin remains bullish. A $107,000 target is the first milestone, followed by a significant leap to $135,000, independent of any short-term corrections.
Further analysis reveals that Bitcoin is progressing within a “megaphone pattern”, a broadening formation characterized by at least two higher highs and two lower lows. This pattern signals increasing volatility and potential trend reversals. If history repeats itself, Bitcoin could skyrocket to $186,500, reflecting previous trends where significant price movements followed similar megaphone formations.
However, one challenge remains. Bitcoin is currently stuck below the Ichimoku Kumo Cloud, a notoriously tough resistance zone. Additionally, the upcoming Easter weekend may drain liquidity from the markets, increasing the risk of unpredictable price fluctuations in the crypto market.
Analyzing the past 24 hours, Bitcoin has been oscillating between $84,366 and $85,398, reflecting a market torn between accumulation and exhaustion. However, it’s worth noting that the seven-day performance shows a slight 2.1% increase, outperforming the broader crypto market that saw a 0.8% decline.
While retail traders may be frustrated with the current sideways movement of Bitcoin, whales or large-scale investors, are capitalizing. According to Santiment, wallets holding between 10 and 10,000 BTC now control a record high of 67.77% of the asset’s supply. Since March 22, these investors have accumulated more than 53,600 BTC, equivalent to over $4.5 billion.
Adding to this, macro investor Kyle Chasse highlighted a $106.7 trillion liquidity surge from central banks. He suggests this could potentially propel Bitcoin’s momentum, positioning the cryptocurrency as a hedge against fiat currency debasement.
As it stands, Bitcoin is at a critical crossroads. The elements required for a rally – whale accumulation, bullish technicals, and a potential liquidity boom – are all in place. Yet, the stubborn $85,000 resistance level remains unbroken. As always, the world watches and waits, eager to see where the ever-volatile cryptocurrency market will head next.
