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Bitcoin to $115K next? Here’s why it’s not wishful thinking!
By Ritika Gupta
The recent surge of the world’s largest cryptocurrency, Bitcoin (BTC), has left many in a frenzy. The coin has reclaimed its highest wick in 20 days, with traders now eyeing potential targets above $110k. However, is this rally just a fleeting dream or can we expect a break above the psychological barrier at $115K?
In the past few weeks, the cryptocurrency market has witnessed an unprecedented increase in new address creation, alongside significant inflows into Bitcoin ETFs and rising supply held by long-term holders. This development has led some to speculate that the current uptrend may have finally reached its peak.
But could the recent surge be just a precursor to a much larger move? Recent data suggests that it’s not wishful thinking to expect a price hike above $115K.
The latest on-chain analysis reveals that over 25,000 new addresses were created in a single day, marking an impressive 8.17% day-over-day growth. This surge in interest could be the catalyst for Bitcoin to continue its upward momentum.
Moreover, recent data highlights a significant increase in supply held by long-term investors. This growing conviction among investors may be enough to fuel further growth and potentially even a short squeeze.
Bitcoin’s price action is showing a striking resemblance to previous patterns, with bears loading up on short positions before the market turns around. However, this time could be different as historical data suggests that the majority of Bitcoin bought during the $100k breakout hasn’t been sold yet. This lack of distribution at local highs has compressed available supply into stronger hands.
The setup is now ripe for a classic liquidity squeeze, which may push Bitcoin’s price towards an unprecedented $115K level.
Source: ambcrypto.com
