Bitcoin continues to look bullish, a rebound is about to explode!
Bitcoin (BTC) has maintained above $90,000 for six consecutive days, rising 11.41% over the past week. The market momentum is strong with significant potential for further increases. According to AMBCrypto's analysis, Bitcoin is at a critical moment, showing signs of an imminent rebound and may break upward in the short term.
BTC cost basis analysis: Bullish signals
Through the cost basis analysis of short-term holders (STH), Bitcoin has surpassed its cost baseline of $93,145. Maintaining this key level is crucial for continued bullish sentiment. If Bitcoin can stay above this level, a new historical high is not impossible. The analysis also shows that BTC is expected to continue upward, with the potential to break the upper limit of $131,800.
Strong accumulation trend supports the rise
Data from Santiment shows that in the past 48 hours, 20,000 BTC worth approximately $1.86 billion have been purchased in the market. Such a large purchase activity provides strong support for Bitcoin's price movement, further enhancing the upward momentum.
Recurring market patterns: Bitcoin may repeat the 2015 upward cycle
Alphractal's analysis shows that Bitcoin is currently undergoing a rising phase similar to that of 2015. This analysis suggests that Bitcoin is still in an upward cycle, with the market expected to peak between October 12 and 16, followed by a downturn. If this cycle analysis holds true, Bitcoin may reach a target range of $131,800.
Future trends of Bitcoin: Breakthrough of $102,000, creating new historical highs!
From a monthly time frame perspective, Bitcoin is currently in a strong bullish state, having just reached the rising support level since 2018. Once it breaks the key resistance of $102,000, the rebound will be more intense, setting new historical highs.
Current trends and patterns suggest that Bitcoin may continue its upward momentum, with strong market support and accumulation trends laying a solid foundation for future gains.
