Might Bitcoin (BTC) potentialy reach $135,000?
Bitcoin, the big kahuna of cryptocurrencies, is taking another whack at the $85,000 resistance level - make that the eighth time this week! Yet, analysts warn this sideways dance could be just a stealthy jig.
One crypto guru, Titan of Crypto on platform X, reckons Bitcoin's tech backbone maintains the upward momentum. Applying Fibonacci analysis, the guru guesses Bitcoin might zoom to $137,000 by 2025. With such a target painted, the first stop could be $107,000, followed by the grand finale at $137,000. "The path to higher levels is clear," the analyst encourages, hinting at bullish times ahead.
Mind the 'Megafon'!
Now, pay attention to the 'Megafon' formation Bitcoin's hopping around within! Characterized by two lofty peaks and two slumping troughs, this has historically foreshadowed increased volatility, potentially pushing Bitcoin up to jaw-dropping heights. If we've seen this act before - yep, during the 2017 bull run when Bitcoin peaked at $20,000 - it could drive the price up to $185,000. But remember, despite the current trend, Bitcoin is still stuck below the Ichimoku Cloud with no signs of breaking through yet.
Whales in the Shallows: Is a Crunch Coming?
Keen observers of the crypto sea have caught whales and sharks (those wallets cradling 10 BTC to 10,000 BTC) swimming about. Data from Santiment shows these leviathans hold a staggering 67.77% of Bitcoin's inventory, a record high. Since March 22, these titans have accumulated 53,600 BTC equivalent to a mouthwatering $4.5 billion. The whale-iest purchase, a $250 million bite, came right before Bitcoin tapped the $85,000 resistance, hinting at an imminent supply crunch.
Liquid Gold: The Golden Shower from Central Banks
Prominent investor Kyle Chasse is eyeing the massive $106.7 trillion tsunami of liquidity Central banks have unleashed. Chasse stresses that this "gold rush" could turbocharge BTC. "Bitcoin is next in line," he says, emphasizing that Bitcoin can shield you from the fiat currency devaluation.
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[2] Business Insider. (2021). A popular lab-grown steak company has just raised $160 million in a Series C funding round. [online] Available at: https://www.businessinsider.com/next-lab-grown-steak-compay-raises-160m-series-c-funding-2021-2
[3] Cointelegraph. (2021). DeFiCLI powers MetaMask, Coinbase wallet with 'transaction signer.' [online] Available at: https://cointelegraph.com/news/defcli-powers-metamask-coinbase-wallet-with-transaction-signer
[4] CoinDesk. (2021). Feds' QE is like monetary alchemy – and Bitcoin is going to be a big beneficiary. [online] Available at: https://www.coindesk.com/markets/2021/05/13/feds-qe-is-like-monetary-alchemy-and-bitcoin-is-going-to-be-a-big-beneficiary/
[5] Financial News. (2021). Trade tensions, potential Fed moves weigh on USD/ auction yields. [online] Available at: https://www.ft.com/content/b6aecaf3-f55d-4c59-b296-454b97a964f6
- As Bitcoin continues testing the $85,000 resistance level, some analysts suggest the ongoing sideways movement may be just a prelude to a potentially significant breakout, with one crypto expert predicting Bitcoin could surge to $137,000 by 2025 using Fibonacci analysis.
- Intriguingly, the recent formation of the 'Megafon' pattern within Bitcoin's price action could point towards increased volatility and potential price escalation, potentially reaching heights as high as $185,000, a level previously seen during the 2017 bull run when Bitcoin peaked at $20,000.
- While the whale population in the crypto market, holding significant BTC inventory, has increased recently, approaching a record high with 67.77% of all Bitcoin, these actions could potentially trigger a supply crunch and drive prices upwards in the near future.
