Bitcoin continues its record rally, setting a new all-time high (ATH) almost every few days. This Electronic Currency recently approached the expected milestone – 100,000 USD.
This achievement was driven by strong activity from whale investors and Long-Term Holders (LTHs), who have played a pivotal role in driving up Bitcoin prices.
Bitcoin Whales Are Accumulating
Whale addresses have continuously accumulated more Bitcoin over the past month, adding 56,397 BTC worth approximately $5.42 billion. This constant buying pressure has significantly supported Bitcoin’s price movement, pushing it to new highs. Whale activity is considered a strong bullish indicator, as these large investors often influence market trends.
This accumulation shows growing confidence from both institutional and individual investors. Sustained optimism from whales shows firm belief in Bitcoin’s potential to surpass the $100,000 mark. This behavior contributes to the sustainability of Bitcoin’s current price increase, helping to withstand possible market corrections.
Long Holder’s Unrealized Profit/Loss Index (LTH NUPL) has not yet crossed the Euphoria threshold, suggesting there is still room for growth. History proves that when LTHs have large unrealized profits that have not yet reached their euphoric peak, the market has the potential for further growth.
This indicator indicates that LTHs are not engaging in widespread profit-taking, maintaining confidence in Bitcoin’s bullish trend. This is a strong macro signal that supports the continuation of the current bullish trend, making Bitcoin’s path to $100,000 more feasible.
Bitcoin Price Forecast: ATH Rising
Bitcoin hit a new high of $97,864 today, recording a 5.7% gain over the past 24 hours. This boom reflects growing demand and market confidence in Bitcoin’s upward trend.
To reach $100,000, Bitcoin must maintain its upward momentum and establish $97,864 as new support. A successful move from this resistance to support, combined with whale accumulation and confidence from LTH, could lead Bitcoin to its historic milestone.
However, if profit-taking begins or if whales and LTH change their positions, a price correction could occur. If the price falls below $89,800, the bullish outlook could be nullified, potentially delaying Bitcoin’s rally to the $100,000 mark.
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