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$135K in Sight? Analyst Says Bitcoin Uptrend Remains Intact
Bitcoin has reclaimed the $85,000 level, with some market watchers suggesting it’s all but a matter of time before a significant upward move. One prominent analyst is going further, arguing that not only is this uptrend intact, but it could potentially take the cryptocurrency to unprecedented heights.
According to Titan of Crypto, Bitcoin’s technicals remain firmly bullish, despite the recent sideways action. This comes as no surprise, given the asset’s impressive 2.1% gain over the past week, a performance that has left many investors feeling optimistic about its future prospects.
But what’s truly astonishing is the sheer scale of whale activity that’s been observed in recent days. According to Santiment, wallets holding between 10 and 10,000 Bitcoin have never controlled as much of the asset’s supply as they do now – a staggering 67.77%. This has led some to speculate about an imminent supply squeeze.
Meanwhile, macro investor Kyle Chasse has drawn attention to a $106.7 trillion liquidity surge from central banks, which he believes could propel Bitcoin into overdrive. “BITCOIN IS NEXT,” he declared, framing the number one cryptocurrency as a hedge against fiat debasement.
So what’s next for this seemingly unstoppable asset? The answer lies in understanding its underlying technicals. Titan of Crypto highlights that any resistance at $85,000 remains an opportunity to buy, with the potential for a massive rally once this hurdle is cleared.
It goes without saying that we are on the cusp of something extraordinary. The ingredients for a dramatic price increase are all present: significant accumulation from whales, bullish technicals, and potentially unprecedented liquidity injections from central banks.
The only question now is when the market will finally break above its current resistance level, paving the way for a meteoric rise that could see Bitcoin soar to previously unimaginable heights.
Source: https://cryptopotato.com/135k-in-sight-analyst-says-bitcoin-uptrend-remains-intact/
