Based on knowledge from most exchanges, Bitcoin surged previous $95,000 on Friday and early Sunday after a risky experience prior to now a number of weeks.
Up greater than 11% during the last seven days and with a market cap hovering just below $1.88 trillion, BTC has social media ablaze with shouts of $100K+ worth predictions, whilst some seasoned voices warn retail merchants to tread fastidiously.
$103K on the Playing cards
Analyst Titan of Crypto ignited the bullish case, claiming a “bull flag” breakout is underway, and predicting a short-term transfer to $103,000 in a post on X.
The asset’s latest worth motion coincided with substantial accumulation by giant buyers. Based on Santiment, wallets holding between 10 and 10,000 BTC have been aggressively adding to their positions, with Bitcoin advocate Kyle Chassé calling it “THE STRONGEST SIGNAL IN THE GAME!!!”
Santiment additionally revealed that market sentiment has reached its most greed-dominated degree since November 2024, when the flagship cryptocurrency final peaked earlier than correcting 13%.
The analytics platform recommended whales had been able to mop up any BTC offloaded by profit-seeking retail merchants on this interval, doubtlessly giving the asset a leg up previous $100,000:
“In the event that they promote right here as a result of they assume we’re seeing a prime, whales would possible scoop up these cash and doubtlessly push Bitcoin above $100K within the subsequent 1-2 weeks.”
Some outstanding market watchers have additionally highlighted key technical developments, together with Daan Crypto Trades, who observed Bitcoin’s resilience at key Fibonacci ranges. “$BTC Robust bounce and continuation from the .382 Fibonacci Retracement degree,” he said, expressing his fondness for “larger timeframe developments.”
Bull Cycle Incoming?
Including to the narrative, Michaël van de Poppe recommended the market is likely to be getting into a significant bull cycle. He cited a chart by TechDev_52 exhibiting that BTC has been in its longest bear run, lasting 4 years, and implied a reverse cycle was imminent. “We’re about to begin the largest bull cycle ever,” the crypto investor wrote.
Nonetheless, the Santiment staff provided a extra cautious perspective, noting that extreme crowd greed would possibly result in an area prime formation, whereas extra measured habits might enable BTC to keep up its divergence from conventional markets just like the S&P 500.
With its dominance holding at 61.2% and institutional curiosity remaining sturdy, the cryptocurrency’s subsequent transfer might set the tone for the remainder of the digital asset market within the subsequent week.
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