Bitcoin Nears Critical Breakout as Analysts Eye $99K Near-Term Target

Bitcoin is currently testing a crucial resistance level on daily charts, with traders closely watching for a potential breakout that could determine its short-term price trajectory. The cryptocurrency has been consolidating below this key threshold for several days, creating anticipation among market participants.

Key Insights from On-Chain Data

CryptoQuant Research Head Julio Moreno projects Bitcoin could trade between $87,000 and $99,000 in the next 2-3 months based on realized price metrics.

Historical patterns suggest Bitcoin often retests its realized price (average acquisition cost) during bull markets before continuing upward.

For Bitcoin to reach its upper resistance of $138,000, a substantial surge in buying pressure would be required—something that has shown signs of weakening recently.

Bullish Macro Factors in Play

Analyst Ted Pillows draws parallels to 2020, when a major government spending bill catalyzed Bitcoin’s record-breaking rally.

With another large fiscal stimulus proposed for 2025, some traders speculate Bitcoin could see a similar bullish response.

Moreno maintains a long-term bullish outlook, suggesting a potential cycle peak near $190,000 by 2026, citing Bitcoin’s historical strength in late bull market phases.

What’s Next for BTC?

A clear breakout above daily resistance could trigger a rapid move toward $99K.

Failure to hold support may lead to a retest of lower levels near $87K before another upward push.

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