Bitcoin Hits $79K Amid Whale Activity, Setting Sights On $100K Target
- Bitcoins rally crosses $79K, setting records with whale interest and post-election optimism.
- Large CME gap hints at pullback, but bullish patterns project Bitcoin toward $120K targets.
- Rising whale accumulation and strong retail demand point to an extended bull market cycle.
Bitcoin is undergoing a massive price rally at the moment, it has crossed major resistance at $79,000 and set a new record. Crypto Rover, in a recent YouTube video, ascribes this trend to the presence of new whales, technological advancement within the system, and positive sentiments during the post-U.S. elections periods. This latest rally has drawn in institutional and retail sentiments which have brought hope about Bitcoin entering a sound bull market cycle.
This increase in price has led to a rather large disparity with Bitcoins CME close price hence the title CME gap. Bitcoin ended the week at approximately $76,500 on CME and is now trading about $3000 higher.
Source: Chart by CryptoRover
According to history, BTC continues to fill these gaps by moving back to the CME closing price and, thus, gives a brief pullback. The spread between the bid-ask prices of Facebook might be possibly decreasing from here; however, analysts do not see a retreat in this upward trajectory because of concrete market reasons.
Bitcoins Bull Flag Breakout
Bitcoin has had a positive breakout that has formed a solid higher high technical structure for further increases. One of these patterns is the bull flag and this pattern is mostly likely to result in a breakout with an estimated price target of $120,000.
Source: Chart by CryptoRover
Besides, the behavior of BTCs price is forming a cup and handle pattern, which can be considered as a sign to continue the movement upwards. Such patterns suggest a bullish configuration that has reproduced similar patterns of previous cycles and enhances the possibility of Bitcoin reaching or even crossing the $100,000 level.
Lookonchain is a data analysis platform that pointed to newly created wallets as the reason for these more significant inflows into BTC. From November 6 up to the present, 32 new wallets have withdrawn 5,364 BTC which is equivalent to 425 million dollars from Binance.
This accumulation, together with other factors, also shows that large investors are also more interested, and this also strengthens the trend. Even more impressively, this price boost happened at the weekend when there are no direct ETF movements, meaning that retail and private investors are primarily behind the price increase.
Path To $100K Gains
Bitcoins rise also falls in step with bull markets, which historically occurred several months after halving or following the US elections. This suggests that roughly 158 days after halving, Bitcoin is ready to sustain an extended urge in an upward direction.
However, positive could be considered the generally prevailing market sentiment, although certain caution is advised by potential retracements of the CME gap. With broad institution and growing retail interest and aided by the technical analyses with the oversold condition, BTC seems to be on its way to $100k.
As Bitcoin progresses to price discovery, market players are bullish about further advancement. For BTC, the following targets appear closer than ever with critical resistance levels pounded, and strong whale activity driving the trend.
Read more: https://www.tronweekly.com/bitcoin-hits-79k-amid-whale-activity-setting/
Text source: TronWeekly
