Bitcoin Price Projected to Hit $131,800 If It Holds Above Key Support Level

Bitcoin has surged recently, raising speculation about its potential to hit $131,800 if it maintains a crucial support level at $93,145. Analysts warn of significant price corrections if it drops below that threshold. Meanwhile, BTC whales show increased buying activity, which might lend support to the price surge. Current trading sits at around $94,410, post a slight drop but still significantly up for the week.

Bitcoin’s recent surge has sparked discussions about it potentially reclaiming the significant milestone of $100,000. Recent on-chain data suggests that the cryptocurrency might even break through this barrier and reach new heights in the coming weeks. Analysts are closely watching these developments, where the market dynamics could be pivotal for future price movements.

On April 26, notable crypto analyst Ali Martinez shared insights that suggest Bitcoin could rise as high as $131,800, provided it manages to remain above a critical support level. This projection relies on something known as the Short-Term Holder (STH) Cost Basis, which is essentially the average price at which new investors have bought Bitcoin, specifically those who have held it for under 155 days. This metric can reflect market sentiment among short-term traders.

When Bitcoin’s price stays above this STH Cost Basis, it tends to indicate a bullish trend among these quick-moving investors. Conversely, if it drops below this level, it could lead to heightened selling pressure, as short-term holders often react quickly to price movements. Currently, this STH Cost Basis is at around $93,145, marking a crucial support point for Bitcoin’s price. So, it needs to maintain above this level if it’s targeting that ambitious $131,800 mark.

However, should Bitcoin fail to defend this support level, experts warn of the risk of a more significant market correction, possibly pushing prices down to about $71,150 — which would be nearly a 25% drop from current levels. Right now, Bitcoin’s trading at approximately $94,410, reflecting a slight loss of 0.6% over the past day. Nevertheless, it’s still managed to gain more than 10% this week, showcasing its overall strength.

In an interesting twist, BTC whales are reportedly stepping up their game recently. In fact, data indicates that these large holders, who typically control between 1,000 to 10,000 Bitcoin, have acquired over 20,000 BTC in just the last 48 hours. This uptick in buying activity could add much-needed momentum to the market, supporting Bitcoin’s potential climb toward new records.

As analysts monitor the situation, the interplay between speculative trading and larger, informed institutional moves continues to shape the landscape. As it stands, over the next few days, investors will be keenly watching how Bitcoin navigates these key price levels, especially in light of the ongoing whale activity in the market.