According to CoinGecko data, Bitcoin (BTC) has reached the key level of $85,000 for the 8th time this week. Although the price is hovering around this level, technical indicators suggest that a larger breakout is brewing.
Market observation agency Titan of Crypto points out that Bitcoin's bullish structure 'remains intact', with the Fibonacci sequence as a reference, and the target price of $135,000 by 2025 is still valid.
Analysts insist that even if Bitcoin falls back to key support levels, the overall trend remains bullish. He boldly predicts that Bitcoin will first target $107,000, then surge to $135,000, regardless of whether a pullback occurs in the short term.
At the same time, he emphasized that cryptocurrencies are 'developing in an amplifier mode', which is an expanding pattern with at least two higher highs and two lower lows, indicating increased volatility and potential trend reversals.
Analysts pointed out that if historical trends repeat, the BTC price could challenge the high of $186,500. This prediction is based on the typical 'amplifier effect' in the cryptocurrency market, similar to the dramatic volatility characteristics observed in 2017 when BTC quickly surged to $20,000 before pulling back.
However, according to this trader, from a technical perspective, Bitcoin is still constrained by key resistance levels, as it continues to hover below the cloud. This stubborn resistance zone also limits its upward momentum.
Additionally, the Easter weekend is expected to consume market liquidity, exacerbating market tensions and increasing the risk of cryptocurrency price volatility.
Additionally, according to CoinGecko data, the BTC price has fluctuated between $84,037 and $85,470 in the past 24 hours, reflecting that the market is caught between accumulation and weakness.
Meanwhile, while retail traders are frustrated watching the sideways movement, whales and sharks are going crazy. Santiment reports that wallets holding 10 to 10,000 BTC now control 67.77% of the total supply of this asset, a historical high.
Since March 22, these giant whale investors have purchased over 53,600 Bitcoins worth over $4.5 billion, with the latest purchase amounting to $250 million, which has also sparked speculation about an impending supply crunch.
Macro investor Kyle Chasse further pointed out that central banks around the world will significantly increase liquidity by $106.7 trillion, which could drive Bitcoin prices soaring. He even asserted that Bitcoin will be the next beneficiary and views Bitcoin as an important tool to hedge against the depreciation of fiat currency.
In summary, this asset is currently at a critical juncture. Although there are factors for a rebound, whale accumulation, bullish technicals, and potential liquidity prosperity, the resistance level of $85,000 has not yet been broken, which market investors should pay close attention to!
Do you think Bitcoin can break through this resistance level and achieve the forecast of $135,000? Feel free to leave your thoughts in the comments, and let's discuss it together!