Amid Bitcoin setting a new $99.6 peak, technical analysis confirms a potential march to $137K driven by historical breakouts and heightened whale activity.
Bitcoin has over the past week experienced a remarkable rally to edge closer to the $100K threshold for the first time. While the premier asset has dipped 2% to trade at $96,990, BTC is still 7% up over the past week. Recent insights via technical indicators and whale activity are support of the bullish momentum that signals potential future gains.
Bitcoin Target Relative to Historic Breakouts
In a recent chart analysis, Aksel Kibar illustrates that historical breakout points and subsequent peaks reinforce a cyclical bull trend in the current cycle. Notably, the chart shows critical moments in BTC history including the 2013 breakout to cross above $10 and the immediate surge to $100.
Kibar recounts that the breakout witnessed 2017 near $1,000 translated to an upward trajectory to $20,000. Additionally, the 2020 breakout raising the price above $11,000 triggered the bull run to a $69,000 peak in 2021.
The analyst accommodates recent developments where the Bitcoin rose in March this year setting a minor high of $73,700. Kibar reflects on the recent monthly candle to suggest that Bitcoin’s upward trajectory leaves $137,000 as the next target.
Bitcoin March to Next Targets
A glance at the recent price action shows Bitcoin exceeded the 50% Fibonacci retracement level when it hit $83,592. The analyst considers the immediate target for BTC to be $100,103, aligning with the 78.6% Fibonacci level. The on-chain expert shows $112,597 as the immediate level emerging at the 100% Fibonacci level.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
>> Invest In Cryptocurrencies Now!
Kibar backs his forecast with the bullish crossover observed on the moving average convergence divergence (MACD) and stronger histograms. The bullish steam for potential upward movements is evident in the 50-week and 200-week exponential moving averages confirming strong market sentiment.
Strong Whale Accumulation Backs Bullish Momentum
The scrutiny of on-chain data illustrates the strong accumulation trends witnessed among the Bitcoin whales. The heightened activity supports the ongoing rally, particularly after a $68.9M transaction from Binance to another wallet. The recipient has a 24,660 BTC balance worth over $2.3 billion.
On-chain data shows another six new wallets executing a collective withdrawal of 500.2 Wrapped Bitcoin (WBTC) valued at $46.3M from Binance. The analyst considers such whale activity suggesting growing interest among the private and institutional investors.
Bitcoin Could Test $112K
The bullish note observed across the crypto market saw Bitcoin lead altcoins with massive recovery as they registered double-digit gains in the week. Analysts consider the Bitcoin targets the $100,000 as on-chain metrics are in support of further gains.
With the crypto market well above the $3.4 trillion valuation, further gains beyond the critical $100K will elevate the BTC value above the elusive $2 trillion. The target is possible given the consecutive bullish weeks where Bitcoin price rallied by 40% to establish a triple white-soldier pattern. The increase in the bullish sentiment optimizes the chances of BTC attaining a parabolic bull run in the future.
The crypto community anticipates the uptrend to push Bitcoin prices towards the coveted $100,000 mark this month. As Kibar illustrates, the bearish channel pattern saw the BTC bull run exceed the 50% Fibonacci level at $83,592. While pressure builds towards the 78.6% Fibonacci level, such coincides with $100,103 to surpass the psychological $100K target.
The $100K is a major milestone that analysts consider constituting a catalyst for future gains. While minor profit-taking may arise, they anticipate further gains as the Fibonacci extension hints at $112,597.
Bullish Technical Outlook for Bitcoin Uptrend
A detailed analysis of the market value-to-realized value (MVRV) reinforces the bullish outlook for BTC. Currently, the MVRV ratio is at 2.56 indicating room for further gains.
The MVRV is a key metric that has historically facilitated the prediction of market peaks. Notably, the Bitcoin market saw the MVRV nearly 3.7 in 2021. The current level has the potential to surpass the 3.00 level, thus indicating room for Bitcoin price growth.
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