Emily Walker
The cryptocurrency community is buzzing with excitement as Bitcoin has surged to a remarkable new high on Monday. Despite this impressive price surge, there’s speculation that the upward trend isn’t over yet, indicating that Bitcoin (BTC) may continue to rise even further.
Is Bitcoin Heading Toward Its Next Major Milestone?
Bitcoin’s recent climb has sparked a flurry of positive predictions regarding its future. Notably, market analyst Negentropic, who co-founded Glassnode, has expressed a very optimistic view of BTC, anticipating a rise to unforeseen heights soon.
According to Negentropic, Bitcoin’s upward momentum is likely to persist, underscoring the asset’s strong performance and resilience. With BTC overcoming crucial resistance levels, such predictions may draw more investors looking to capitalize on the next phase of Bitcoin’s ascent.
After analyzing the current market dynamics, Negentropic observed that Bitcoin has closed above the $100,000 threshold for two consecutive weeks. The cryptocurrency has also surpassed the $102,000 resistance, which is now seen as a support level, potentially leading to a rise to $104,000.
The analyst believes that the upcoming price target for Bitcoin could lie between $108,000 and $110,000 in the short run. Additionally, he emphasized that a return to the $102,000 level this week would be an excellent buying opportunity for investors before the next price surge.
This upward shift is seen as a strong recovery signal and could position Bitcoin towards surpassing the $110,000 milestone shortly. Traders are closely observing BTC’s movements as it navigates this pivotal moment.
Moreover, Michael Van De Poppe, founder of MN Consultancy, has also foreseen a target of $110,000 for BTC. His prediction comes on the heels of Bitcoin achieving a new all-time high, boosting investor confidence.
Despite his optimistic outlook, Van De Poppe cautioned that the number of leveraged long positions is notably high. If Bitcoin fails to maintain the $102,000 threshold, it could lead to a liquidity crisis. However, if the asset stays above this level, he anticipates a rally towards $110,000.
BTC Whales Maintain Their Stance
Even with the recent surge, Bitcoin’s Realized Profit Ratio—a crucial metric for evaluating whale activity—remains at low levels. This low ratio indicates fewer large investors are cashing in on their profits.
As per CryptoQuant, whales have not begun selling or taking profits compared to previous all-time highs in earlier cycles. This behavior might suggest that Bitcoin is still below the peak levels expected for this cycle.