Bitcoin (BTC) is on the cusp of a major breakout, which has caused a lot of buzz across the crypto space. In a recent YouTube video, Crypto Rover noted that BTC has already started an upward trend past key resistance levels. Analysts revealed that this breakout is the beginning of a major bullish move, and technical advances indicate further upside.
Bullish Momentum in Play
As per Rover analysis, Bitcoin’s recent break out of the falling wedge pattern indicates strong bullish momentum. After the wedge breakout, Bitcoin charted a symmetrical triangle—a formation that suggests further price increases. According to these advancements, Rover believes that Bitcoin may potentially hit $100,000 or even more.
According to analyst Ali Martinez, Bitcoin made $5.42 billion in profit as the Sell-side Risk Ratio increased to 0.524%. This shows that the stock is under moderate selling pressure, which is a good indicator as there is still a lot of room for improvement. Realized losses are still low, which proves that the market is still positive since most people are either holding their stocks or selling at a profit.
Long-Term Bitcoin Accumulation
Data from the analytics platform IntoTheBlock reveals that over 307,000 addresses have accumulated Bitcoin. According to data, active addresses now have more than 1.1 million, which shows that more transactions are being performed. However, new addresses keep rising, which is a sign that more people are adapting.
Institutional investors are also supporting the market’s rise. The number of bitcoins held on exchanges has declined to the lowest in over two years, which means that long-term investors are accumulating the currency. Major financial institutions like BlackRock keep on investing, and the possibility of approving a spot Bitcoin ETF only increases the pace.
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Retail interest is keeping the volatility going during the weekend because the trading volume picks up when retail traders are more active. The increased trading volumes of altcoins and meme coins strengthens the ongoing crypto rally.
Bitcoin Poised for Growth
As of press time, Bitcoin is trading at $91,393, showing a 2.56% increase over the past day. The 24-hour trading volume reached 69.63 billion. Following the trends and signs observed in the past, Rover believes that this growth may lead to the price of Bitcoin ranging from $120,000 to $300,000 in this cycle.
As Bitcoin holds above key levels, the cryptocurrency is well poised for a sharp rise to new highs. Interest from both the retail and institutional investors would see the market experience tremendous growth in the coming weeks.
