Bitcoin’s surge lately has brought its price to a new high of $97,584, according to an analysis of price chart shared by Patric H. (@CryptelligenceX) and data from Santiment.
Besides, this breakout marks a continuation of bullish momentum, aligning with a fractal pattern observed in Q1 2024. Whale and shark wallet activity further reinforces the bullish narrative, with a significant accumulation of Bitcoin over the past month.
Bitcoin Breaks Out of Consolidation Zone
Bitcoin’s price action has been characterized by a clear breakout from a protracted consolidation zone. Between $43,810 and $73,835, the consolidation range stretched, with the latter acting as the breakthrough level.
Source: Patric H. | CryptelligenceX
Moreover, this move has pushed Bitcoin past the 1.618 Fibonacci extension at $89,000, a critical milestone in the current rally. The Fibonacci retracement and extension levels further outline key support and resistance zones:
Support Levels: $73,835 (breakout level) and $51,402 (0.786 Fibonacci retracement).
Resistance Levels: $100,000 (psychological barrier) and $134,189 (2.618 Fibonacci extension target).
The alignment with Q1 2024 fractal patterns underscores the predictability of Bitcoin’s trajectory, as noted in the shared tweet by Patric H.
Whale and Shark Wallet Accumulation Grows
Santiment’s data reveals an accumulation of 56,397 BTC by wallets holding at least 10 Bitcoin over the past month. These wallets now control approximately $5.428 billion in Bitcoin, indicating growing confidence among major holders.
Despite a slight decline in the number of such wallets (-0.82%), their collective holdings have increased, reflecting concentrated buying power.
This behavior among large holders is a key metric to monitor, as it often signals sustained momentum in bullish markets. The concentration of Bitcoin in fewer wallets highlights the strategic actions of these stakeholders during the rally.
Read also: This Meme Coin Trader Updates His Shiba Inu (SHIB) Price Prediction
Bitcoin’s Bullish Momentum: The Outlook
The price of Bitcoin is currently approaching the psychological $100,000 mark, and its direction is still rising. The correlation with whale activity and Fibonacci levels is cited by analysts as evidence for further expansion.
A sustained breakout above $89,000 reinforces the possibility of reaching $134,189, as projected by technical analysis.
While a pullback to $73,835 could occur if $89,000 fails to hold, the overall sentiment remains positive, driven by strong fundamentals and historical fractal alignment. Bitcoin’s performance will remain a focal point for the crypto market as it approaches new horizons.
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The post Bitcoin Price Hits $97.5k: Here’s Why $100K Could Be Next as Whales and Sharks Accumulate appeared first on CaptainAltcoin.
