Bitcoin (BTC) has once again reclaimed the $85,000 level, the eighth time this week it has touched this comfort zone according to CoinGecko.
But don’t be fooled by the sideways slumber. According to market watcher Titan of Crypto, Bitcoin’s bullish structure is “still intact,” with a Fibonacci-based target of $135,000 still in play for 2025.
The $135K Prophecy
The analyst insists that even if BTC pulls back to key support, the megatrend remains bullish. “The path to higher highs is still open,” he posted. His bold prediction? Bitcoin is first eyeing $107,000, followed by a launch to $135,000, with or without short-term correction.
In another post, he highlighted that the cryptocurrency was “progressing within a megaphone pattern,” a broadening formation with at least two higher highs and two lower lows, indicating increasing volatility and potential trend reversals.
In his estimation, if history repeats, BTC could go up to $186,500, reflecting historical trends where the cryptocurrency’s megaphone formations preceded significant price movements, such as the 2017 peak near $20,000 followed by a correction.
However, there’s a catch. According to the trader, Bitcoin remains stuck below the Ichimoku Kumo Cloud, a stubborn resistance zone that has capped upward momentum. Adding to the tension, the Easter weekend is expected to sap liquidity from the markets, raising the risk of erratic price swings in crypto.
Over the past 24 hours, BTC has oscillated between $84,366 and $85,398, reflecting a market caught between accumulation and exhaustion. Zooming out, the seven-day performance shows a slight 2.1% uptick, which was still good enough to outperform the broader crypto market, down 0.8% in the same period.
Whales Swarm
Meanwhile, as retail traders watch the sideways action in frustration, whales and sharks are in a feeding frenzy, with Santiment reporting that wallets holding between 10 and 10,000 BTC now control a record high 67.77% of the asset’s supply.
Since March 22, these deep-pocketed investors have scooped up more than 53,600 BTC worth more than $4.5 billion, with the latest move being a $250 million buy-in, just hours before Bitcoin breached $85,000, sparking speculation of an incoming supply squeeze.
Adding fuel to the fire, macro investor Kyle Chasse pointed to a $106.7 trillion liquidity surge from central banks, suggesting it could push Bitcoin into overdrive. “BITCOIN IS NEXT,” he declared, framing the number one cryptocurrency as a hedge against fiat debasement.
The asset now stands at a pivotal junction. The ingredients for a rally are all there: whale accumulation, bullish technicals, and a potential liquidity boom. Still, the $85,000 resistance refuses to break.
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