The general cryptocurrency community is growing with excitement and hope for the future Bitcoin is climbing to a new high On Monday. Despite the significant price growth, there are speculations that the rise may not end anytime soon, raising BTC’s potential for further increases to higher levels or milestones.
Bitcoin’s Next Milestone On The Horizon?
Bitcoin’s rally to new highs has sparked a wave of bullish predictions about its short- and long-term prospects. Negentropic, a seasoned market expert and founder of Glassnode is one of the analysts who expressed an optimistic view on BTC, prediction rising to unprecedented levels in the near future.
The Negentropic view suggests a continuation of BTC’s rise, highlighting the crypto asset’s stability and strengthening price performance. With market momentum building and BTC breaking past key resistance levels, these types of predictions can attract more investors we await the next leg of the Bitcoin rally.
After investigating BTC’s current price action, Negentropic noted that Bitcoin closed above the $100,000 mark for the second week in a row. The commodity also breached the $102,000 resistance which now serves as support, prompting a move to $104,000.
As a result, the market expert is convinced that the next target price of BTC can be between $108,000 and $110,000 in the short term. Meanwhile, he stressed that a retest of the $102,000 mark this week would be a great opportunity Buy BTC before the next climb.
The analyst sees this move as a strong sign of recovery, which could put Bitcoin on a path towards the historic levels above $110,000 in the coming weeks. So traders are monitoring the next move of BTC as the digital asset navigates this critical phase.
As Bitcoin continues to show higher strength, Michael Van De Poppe, founder of MN Consultancy also predicted $110,000 BTC target. He made the prediction after the crypto asset hit a new high, boosting investor confidence.
Although Van De Poppe expects BTC to rise, he warned that the value is leveraged long positions it is also relatively high. Therefore, if BTC loses the $102,000 level, there may be another liquidity meltdown soon. However, if the stock holds above this point, Van De Poppe expects a move up to $110,000.
BTC Whales Are Holding Firmly in Their Positions
Despite the latest measurement, Bitcoin’s Realized Profit Ratio, the main metric to decide a whale exits and profit-taking remain at low levels. Specifically, the metric at low levels means reduced profit-making activity by large investors.
According to in CryptoQuant, whales have not yet started to sell and take profits against the highest price in previous cycles. If you consider the behavior of whales, it may reflect that BTC it is still below the peak of this cycle.
Featured image from Unsplash, chart from Tradingview.com
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