Bitcoin (BTC) has once again reclaimed the $85,000 level, the eighth time this week it has touched this comfort zone according to CoinGecko.
However, don’t be deceived by the apparent stagnation in its price movements. As noted by market analyst Titan of Crypto, Bitcoin’s bullish structure remains “intact,” with a Fibonacci-based target of $135,000 still in play for 2025.
The $135K Prophecy
The analyst insists that, even in the event of a pullback to key support levels, the overarching megatrend continues to favor bullish momentum. He forecasts that Bitcoin is aiming for an initial target of $107,000, followed by a potential push to $135,000, regardless of any short-term corrections.
In another insightful post, he highlighted that the cryptocurrency is “progressing within a megaphone pattern,” which features a broader formation with at least two higher highs and two lower lows, signaling increased volatility and possible trend reversals.
If historical patterns are any indication, BTC could see peaks of up to $186,500, reflecting past instances where megaphone formations have led to significant price surges, as seen in the 2017 rise to nearly $20,000 followed by a correction.
That said, there is an important caveat. According to the analyst, Bitcoin is currently stuck beneath the Ichimoku Kumo Cloud, a formidable resistance area that has prevented upward price movement. Compounding this situation, the upcoming Easter weekend is likely to reduce liquidity in the markets, heightening the risk of erratic price swings within the cryptocurrency space.
In the past 24 hours, BTC has fluctuated between $84,366 and $85,398, indicating a market balancing between accumulation and exhaustion. Analyzing the previous week, Bitcoin’s performance has seen a slight uptick of 2.1%, a much better result than the broader cryptocurrency market, which posted a decline of 0.8% in the same timeframe.
Whales Swarm
While retail traders may be expressing frustration over the recent sideways action, indications suggest that whales and large investors are actively accumulating. Santiment reports that wallets holding between 10 and 10,000 BTC now control a record high of 67.77% of Bitcoin’s supply.
Since March 22, these influential investors have acquired more than 53,600 BTC, valued at over $4.5 billion. Notably, the latest purchase was a substantial $250 million buy-in, occurring just hours before Bitcoin reclaimed the $85,000 threshold, raising speculations of an imminent supply squeeze.
Adding to this situation, macro investor Kyle Chasse noted an influx of $106.7 trillion in liquidity from central banks, which may propel Bitcoin’s price growth. “BITCOIN IS NEXT,” he declared, positioning the leading cryptocurrency as a safeguard against fiat currency debasement.
Currently, Bitcoin finds itself at a crucial junction. The elements for a potential rally seem to be in place: whale accumulation, bullish technical indicators, and a forthcoming liquidity surge. Yet, the resistance level at $85,000 persists, challenging its breakout potential.
The insights provided in this analysis reflect the ongoing complexities surrounding Bitcoin’s market dynamics. Staying informed and understanding these patterns can offer valuable perspectives for investors and enthusiasts alike.
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