Bitcoin Prediction: Can BTC Break $100k?

Key Insights:

• The Bitcoin prediction for the coming days appears bullish and is poised to hit the $100K mark.
• With a 3.2% upside momentum, BTC’s price is heading toward the key resistance level of $98,300.
• Whale wallets holding between 10 and 10K BTC have accumulated 81,338 BTC.

After a two-day downtrend, Bitcoin (BTC), the world’s largest cryptocurrency by market cap, has reclaimed the $96,800 level and is now poised to break the $100K mark. This sudden surge in BTC’s price has sparked a rally across the crypto market, with most assets now experiencing upward momentum.

Bitcoin (BTC) Price Action and Key Levels

At press time, BTC was trading near $97,400 and has recorded a price surge of over 3.20% in the past 24 hours. This surge in the Bitcoin price seems to be shifting asset market sentiment, along with influencing the overall crypto market.

Additionally, looking at this surge, the participation from traders and investors has soared, resulting in an 8% surge in the trading volume, which indicates a strong bullish trend in the asset.

According to expert technical analysis, Bitcoin’s prediction for the coming days appears bullish and is poised to break its key resistance level of $98,300. The daily chart reveals that BTC has tested the resistance level multiple times but has never reached it.

Given the current market sentiment, there is a strong possibility that BTC could reach that level this time.

Bitcoin Prediction for Bullish and Bearish

Based on recent price action and historical patterns, if this upside momentum continues and BTC breaches the $98,300 level, the Bitcoin prediction suggests the asset could see a price surge of over 10% until it reaches its all-time high of $109,800.

On the other hand, Bitcoin may remain in a consolidation phase if the BTC price fails to break through the key resistance level.

With the recent price surge, Bitcoin’s Relative Strength Index (RSI) has entered the overbought zone, currently standing at 71. This indicates heightened buying pressure and suggests the asset may be due for a short-term correction or consolidation.

Historically, RSI levels above 70 have often preceded brief pullbacks before the next leg up in a bullish trend.

Whale’s Eyes on Bitcoin Accumulation, Time to Buy?

Recently, on-chain analytics firm Santiment shared a post on X (formerly Twitter), stating that whale wallets holding between 10 and 10K BTC have accumulated 81,338 BTC over the past six weeks. This accumulation took place during a period when the overall cryptocurrency market was hit hard and experienced a price decline.

Meanwhile, crypto wallets holding less than 0.1 BTC sold a total of 290 BTC during the same period. This indicates that whales seized the opportunity to buy the dip, while smaller holders sold off to them.

The post on X noted, “When large wallets gradually accumulate in tandem with retail panic selling/selling out of boredom, it is generally a strong long-term sign of prices biding their time before another breakout.”

Bullish On-Chain Metrics

Following the surge in the asset’s price, traders and investors appear to be strongly betting on the bullish side. As reported by the on-chain analytics firm Coinglass.

Data reveals that traders are currently over-leveraged at the $93,100 and $97,878 levels. having built $2.18 billion worth of long positions and $278.99 million worth of short positions.  This indicates that bulls are dominating the asset and appear to be pushing. BTC’s price toward the resistance level of $97,879.

Meanwhile, long-term holders during the same period have recorded a notable outflow of BTC. Data from spot inflow/outflow reveals that exchanges have seen an outflow of $208 Million worth of BTC.

Such outflows from exchanges indicate potential accumulation and could lead to increased buying pressure and a further upside rally.