Bitcoin Upward Trend

Bitcoin is about to embark on a new upward trend, primarily driven by trader James Wy's technical analysis and changes in market sentiment. His predictive charts posted on social media indicate that after a short-term correction, Bitcoin is expected to break out of the current consolidation range and further challenge historical highs.

This viewpoint is supported by multiple analysts who point out that Bitcoin has formed strong psychological support around the 100,000 mark, which makes market participants optimistic about future price increases.

The heightened market sentiment is also reflected in the options market, where bullish sentiment prevails, showing that investors have confidence in Bitcoin's price increase.

However, despite the potential for a rise in the short term, there are some warning signals from a technical perspective, such as bearish divergence and changes in the relative strength index, which may affect the short-term trend. Meanwhile, the continued accumulation behavior of whale investors has also supported Bitcoin's price to some extent. Looking ahead, analysts generally believe that Bitcoin still has significant room for growth, especially in the context of institutional fund inflows and supply tightening. A research report from 21Shares points out that with the launch of spot Bitcoin ETFs, demand for Bitcoin in the market will further increase, potentially driving the price towards $138,500.