Bitcoin Eyes $112K Breakout But Only If It Stays Above $94K
- Bitcoin must hold above $94,000 to surge toward $112,000, says analyst Ali Martinez.
- Losing $76,000 support may trigger a drop to $58,000 or even $44,000.
- Whales accumulated 62,000 BTC in March, hinting at a potential bullish reversal.
Bitcoin might be on the verge of a major breakoutbut only if it can stay above a key level, says crypto analyst Ali Martinez. On March 21, Martinez explained in a post that if Bitcoin manages to surpass and hold above $94,000, it could trigger a sharp rise toward $112,000. This prediction is based on the MVRV Extreme Deviation Pricing Bands, which highlight key market pressure zones.
At the time of writing, Bitcoin is hovering in the low $80,000s after briefly dipping earlier this month. It rebounded from a low of $76,606 on March 10, inching upward following the U.S. Federal Reserves move to ease the pace of its balance sheet reductions. That announcement gave the broader market a minor lift, with Bitcoin bouncing back into safer territory.
Martinez pointed out that if Bitcoin fails to hold $76,000, the coin could retrace much further. A breakdown from that level may open the door for a drop to $58,000or even as low as $44,000if sentiment shifts more bearish.
Critical Levels Shaping Bitcoins Trend
Adding to the conversation, another well-followed analyst, Rekt Capital, emphasized that the $84,000 zone plays a critical role in determining Bitcoins next direction. According to Rekt, previous price action has shown long wicks below this mark, highlighting the need for a daily close above $84,000 to confirm a successful retest. A rebound from this support could generate enough momentum to push beyond the $94,000 barrier.
Clearing resistance at $94,000 would open the path toward $112,000 and signal the potential for a new all-time high. Currently, Bitcoin fluctuates between the yellow mean band and the orange +0.5 standard deviation band, as identified by Martinez. A breakout in either direction will likely determine the short-term trend.
Meanwhile, long-term investor confidence appears to be strengthening. In a separate post on March 21, Martinez revealed that over 10,000 BTC had been withdrawn from exchanges in just one week. This is often seen as a bullish indicator, suggesting that investors are moving their coins to private wallets with no intention of selling.
Whales Accumulate, Signaling Bullish Shift
On March 20, blockchain analytics firm IntoTheBlock observed a shift in whale behavior. After months of selling pressure, whales have begun accumulating again. Their holdings have increased by roughly 62,000 BTC since the start of March, potentially signaling a reversal in sentiment. Renewed interest from these large holders can often foreshadow a bullish phase.
Supporting this outlook is another bold prediction from crypto analyst Captain Faibik. According to him, Bitcoin could be preparing for a large breakout thanks to a Falling Wedge chart pattern. He believes it might consolidate within this pattern for the next 10 to 15 days before triggering a dramatic move upward.
Faibik estimates the breakout target at $109,000, aligning closely with Martinezs $112,000 projection. If both analysts prove accurate, Bitcoin may not only retest its all-time high but surge beyond it, signaling a fresh phase in the ongoing bull market.
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Read more: https://www.tronweekly.com/bitcoin-eyes-112k-breakout-if-94k-holds/
Text source: TronWeekly
