Bitcoin’s Journey Towards the $100,000 Milestone: An In-Depth Analysis
As Bitcoin (BTC) continues its impressive ascent towards the symbolically significant $100,000 mark, a growing number of investors are choosing to hold onto their assets rather than moving them to exchanges. However, before BTC can initiate a sustained bullish trajectory, it must first navigate and overcome several crucial resistance levels.
Decline in Bitcoin Depositing Addresses
A recent analysis on CryptoQuant, authored by the on-chain expert known as CryptoOnchain, has brought to light a notable decrease in the number of Bitcoin wallet addresses transferring funds to centralized exchanges. This trend, reaching its lowest point since 2017, indicates that a reduced number of holders are inclined to sell their Bitcoin, possibly in anticipation of a significant price increase in the coming months.
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Earlier today, Bitcoin surged past the $97,000 threshold, marking its highest valuation since February 20. Over the past week, BTC has appreciated by 4.1%, fueled by speculations surrounding a potential interest rate cut by the US Federal Reserve. Such a rate cut is typically perceived as favorable for risk-on assets like Bitcoin, as it encourages investors to seek higher returns in alternative assets due to reduced bond yields.
According to crypto analyst Ali Martinez, Bitcoin’s next major resistance level is pegged at approximately $97,530. Although BTC is currently trading slightly above $97,000, it remains uncertain whether this momentum will lead to a confirmed breakthrough or merely a short-lived bullish episode. A definitive move above $97,500 could pave the way for Bitcoin to achieve a new all-time high in the near future. For context, Bitcoin’s current record high of $108,786 was set earlier this year on January 20.
Is Bitcoin’s Downturn Over?
In another analysis shared on X, crypto analyst Titan of Crypto proposed that Bitcoin might have established its local bottom for this cycle, referencing the price dip to $74,508 on April 6. At present, Bitcoin is trading just 11.3% below its all-time high.
The analyst noted Bitcoin’s “strong bullish monthly candle” and pointed out that BTC is now positioned above several critical Ichimoku Cloud indicators, including the Tenkan (red line), Kijun (blue line), and the Kumo Cloud, all of which contribute to a bullish outlook.
Additionally, analyst Burak Kesmeci recently forecasted that Bitcoin could potentially reach $124,000, utilizing the Golden Ratio Multiplier model as a key guiding tool. As of the current analysis, BTC is trading at $97,007, reflecting a 3.3% increase in the past 24 hours.
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