Bitcoin’s recent surge has led short-term holders back into profit, raising expectations for a price rally towards $100,000. Long-term holders have accumulated significant BTC since February, while sell pressure may arise around $97,000. Analyst insights reflect bullish patterns, signalling potential targets above $100,000, emphasising the need for cautious investment.
Recent developments in the Bitcoin market indicate that short-term holders are regaining profitability, raising the possibility of a price surge towards $100,000. As of April 22, Bitcoin’s value exceeded $91,700, surpassing the short-term realised price, allowing many holders to convert unrealised losses into profits. This trend suggests a bullish outlook that could facilitate a potential price retest at $100,000.
Historically, when short-term holders are back in profit during rally phases, they tend to create upward momentum by maintaining their positions, which attracts new buyers. Data shows strong activity from first-time purchasers in April, signalling an influx of new capital at elevated price points. Additionally, long-term holders have accrued an additional 363,000 BTC since February, with significant absorption by Bitcoin whales contributing to a robust market.
Despite the recent bullish breakout, analyst Axel Adler Jr. notes that resistance is anticipated at $96,100, stemming from those holding over the last 3-6 months. He highlighted this critical resistance in a post, indicating that overcoming this level would enable Bitcoin to target $100,000.
The data reveal that approximately 392,000 Bitcoin is held at an average cost basis of $97,000, establishing a potential selling pressure point that could thwart Bitcoin’s upward movement. Yet, expert trader Ezy Bitcoin observes that the price action is consistent within the Wyckoff reaccumulation phase, suggesting ongoing strength and projected price targets of $131,500, $144,900, and $166,700 are feasible based on this pattern.
In summary, while Bitcoin faces potential resistance, the ongoing activities suggest an optimistic trend facilitated by large-scale accumulation and new investor interest. However, it is crucial to remember that investment strategies should involve personal due diligence, as all trading carries inherent risks.
