The general cryptocurrency community is brewing with excitement and optimism following Bitcoin's rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC's potential for more increases to higher levels or milestones.
Next Big Milestone For Bitcoin On The Horizon?
Bitcoin's rally to a new peak has triggered a wave of bullish predictions about its short-term and long-term prospects. Negentropic, a seasoned market expert and Glassnode co-founder is one of the analysts who has projected an optimistic outlook for BTC, forecasting an upswing to unprecedented levels in the near future.
Negentropic's perspective suggests a continuation of BTC's upward trajectory, highlighting the crypto asset's resiliency and strengthening price performances. With market momentum building and BTC breaking past key resistance levels, these kinds of forecasts could attract more investors anticipating the next leg of Bitcoin's rally.
Following an investigation of BTC's current price action, Negentropic noted that Bitcoin closed above the $100,000 mark for the second week in a row. The flagship asset has also broken through the $102,000 resistance now acting as support, prompting a move to $104,000.
As a result, the market expert is confident that the next price target for BTC could be between $108,000 and $110,000 in the short term. Meanwhile, he highlighted that a retest to the $102,000 mark this week would be a golden opportunity to purchase BTC before the next move up.
The analyst considers this move a strong sign of recovery, potentially setting Bitcoin on a path toward levels beyond the $110,000 milestone in the coming weeks. Thus traders are monitoring BTC's next move as the digital asset navigates this critical phase.
As Bitcoin continues to showcase upward strength, Michael Van De Poppe, the founder of MN Consultancy has also predicted a $110,000 target for BTC. He made the forecast after the crypto asset reached a new all-time high, raising investors' confidence.
While Van De Poppe expects BTC to rise, he has warned that the number of leveraged long positions is comparatively high again. Therefore, should BTC lose the $102,000 level, there could be another liquidity meltdown shortly. However, if the asset holds firm above this point, Van De Poppe anticipates a move up to $110,000.
BTC Whales Are Holding Strong To Their Positions
In spite of the recent leg-up, Bitcoin's Realized Profit Ratio, a key metric for determining whale exits and profit-taking remains at low levels. Specifically, the metric at low points implies reduced profit-taking activity by large investors.
According to to CryptoQuant, whales have not even started selling and taking profits in comparison to the all-time high in past cycles. Considering the whales' behavior, it could indicate that BTC is still below the peak range for this cycle.
Featured image from Unsplash, chart from Tradingview.com
