Analysis Now Suggests Bitcoin Could Aim For A Target Of $137,000

Analysis now suggests Bitcoin could aim for a target of $137,000 following its recent peak of $97,000, driven by historical trends and increased whale activity.

On Wednesday evening, Bitcoin had an impressive rally, surpassing $95,000 for the first time.

At its highest, it hit $97,903, marking a gain of over 4.4%.

Key technical indicators and the movement of large investors have played crucial roles in this bullish trend, indicating potential for further price increases.

Key Historical Breakouts and Projections

Chart analysis by Aksel Kibar points to significant breakout points in Bitcoin’s history, illustrating a pattern of cyclical bull markets.

For example, the breakout in 2013 above $10 led to a surge to $100, while the 2017 breakout near $1,000 resulted in a peak of $20,000.

The 2020 breakout over $11,000 spurred a bull run that peaked at $69,000 in 2021.

Recently, Bitcoin reached a minor high of $73,700 in March 2021.

Given the current market conditions, Kibar’s analysis suggests a target of $137,000.

Fibonacci Levels and Market Sentiment

Bitcoin has surpassed the 50% Fibonacci retracement level at $83,592, with the next target set at $100,103, aligned with the 78.6% Fibonacci level, and $112,597 at the 100% level.

This analysis is reinforced by a bullish crossover in the MACD indicator and positive trends in the 50-week and 200-week exponential moving averages, indicating strong market sentiment.

Whale Activity Boosting the Rally

On-chain data shows significant accumulation by Bitcoin whales, which supports the ongoing rally.

Recently, a major whale moved $68.9 million worth of Bitcoin from Binance to an external wallet, now holding 24,660 BTC valued at $2.3 billion.

Additionally, six new wallets withdrew 500.2 Wrapped Bitcoin (WBTC), worth $46.3 million, from Binance.

These movements highlight increasing interest from both institutional and private investors.

Currently, Bitcoin is trading at $98,353.94

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Also Read: A Whopping $222M Worth Of Bitcoin Shorts Have Now Liquidated

About The Author

Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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