Once more, Bitcoin (BTC) has regained its footing over the $85,000 mark, marking the eighth time in a single week that the digital currency has reached this level, as reported by CoinGecko. Though the market may appear stagnant, prominent crypto observer, Titan of Crypto, assures investors that Bitcoin’s bullish trajectory is far from over. He suggests a Fibonacci-based target of $135,000 is plausible by 2025.
The $135K Forecast
Titan of Crypto maintains that despite potential dips to key support levels, the overarching trend for Bitcoin remains positive. He stated, “The path to higher highs is still open,” with Bitcoin potentially reaching $107,000 and then soaring to $135,000, irrespective of short-term market fluctuations.
The analyst also pointed out that Bitcoin is currently moving within a ‘megaphone pattern’, a broadening formation that indicates increased volatility and potential trend shifts, characterized by at least two higher highs and two lower lows.
Based on historical trends, should Bitcoin continue along this trajectory, the cryptocurrency could reach up to $186,500. However, Bitcoin is currently grappling with the Ichimoku Kumo Cloud resistance barrier, a factor that has previously stifled its upward momentum. Further, the expected drop in liquidity over the Easter weekend could lead to erratic price fluctuations.
A Feeding Frenzy for Whales
As retail traders grapple with the market’s sideways movement, ‘whales’ and ‘sharks’, or big investors, have been making significant moves. Santiment data reveals that wallets holding between 10 and 10,000 BTC now control an all-time high of 67.77% of Bitcoin’s total supply. Since March 22, these investors have amassed over 53,600 BTC, worth more than $4.5 billion. This activity has given rise to speculation regarding a potential supply squeeze.
Macro investor Kyle Chasse drew attention to a massive $106.7 trillion liquidity injection from central banks, which could potentially boost Bitcoin’s performance. He stated, “BITCOIN IS NEXT,” positioning the leading cryptocurrency as a safeguard against fiat depreciation.
As Bitcoin stands at a crossroads, the elements for a rally are in place: significant accumulation by whales, bullish technical indicators, and a potential liquidity surge. Yet, the $85,000 resistance level remains unbroken.
