Bitcoin (BTC) continues to hover around $85,000, but experts suggest the possibility of a rise to $135,000 based on technical patterns and whale accumulation. However, short-term resistance and volatility risks still require a cautious approach.
According to Cryptopotato on the 20th (local time), Bitcoin has touched the $85,000 level 8 times this week alone, moving within a narrow range. While seemingly directionless, market analyst 'Titan of Crypto' maintains that Bitcoin is still maintaining a bullish structure and, based on Fibonacci analysis, predicts reaching $135,000 by 2025. He suggests an intermediate target of $107,000 before ultimately breaking through $135,000, even with potential short-term adjustments.
He also pointed out that Bitcoin is currently moving within a megaphone pattern (expanding pattern). This pattern is characterized by gradually increasing volatility with widening highs and lows, and has often appeared before major rallies. A similar pattern emerged before Bitcoin's $20,000 peak in 2017. However, Bitcoin currently remains below the Ichimoku cloud resistance, and it needs to break through this zone to transition to a full-fledged upward trend. The reduced trading volume due to the Easter holiday could also be a factor causing short-term volatility expansion.
Meanwhile, large-scale accumulation by Bitcoin whales is ongoing. According to on-chain data platform Santiment, wallets holding 10-10,000 BTC now account for 67.77% of total supply, a record high. These wallets have additionally purchased 53,600 BTC (approximately $4.5 billion) in the past month, with $250 million concentrated just before Bitcoin broke through $85,000. Macro investor Kyle Chasse analyzed that "the global central banks' $106.7 trillion liquidity injection will cause Bitcoin to rise explosively". Currently, Bitcoin has all the ingredients for a rise - technical strength, whale accumulation, and liquidity expansion - but stands at a critical juncture without definitively breaking the $85,000 resistance.
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