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Amid Bitcoin breaking a new $97K peak, technical analysis points to a potential target of $137,000, fueled by historical breakouts and whale activity.
On Wednesday evening, Bitcoin experienced a remarkable rally, surpassing $95,000 for the first time. By press time, the leading cryptocurrency had gained over 4.4%, reaching a high of $97,903. Technical indicators and whale activity have been pivotal in driving this bullish momentum, signaling the potential for further gains.
Key Historical Breakouts and Target for Bitcoin
Chart analysis by Aksel Kibar highlights historical breakout points and subsequent Bitcoin peaks for previous cycles, reinforcing Bitcoin’s cyclical pattern of bull markets.
Specifically, Kibar’s chart highlights key moments in Bitcoin’s history, such as the 2013 breakout above $10, which was followed by a surge to $100. Similarly, the 2017 breakout near $1,000 led to a rally that peaked at $20,000.
The 2020 breakout above $11,000 sparked a bull run that reached a high of $69,000 in 2021. More recently, the chart shows that Bitcoin established a minor high of $73,700 in March 2021. Based on the latest monthly candle, Kibar’s analysis suggests Bitcoin could now be targeting $137,000.
Bitcoin Next Targets Based on Fibonacci Levels
Bitcoin’s recent price action has surpassed the 50% Fibonacci retracement level at $83,592. The next target is $100,103, which aligns with the 78.6% Fibonacci level. Following that, the $112,597 mark comes into focus at the 100% Fibonacci level.
This projection is supported by a bullish crossover on the MACD indicator and strengthening histograms. Additionally, upward movements in the 50-week and 200-week exponential moving averages point to strong market sentiment.
Whale Activity Support Bullish Momentum
Moreover, on-chain data reveals strong accumulation trends among Bitcoin whales, further supporting the ongoing rally. A major whale wallet recently withdrew $68.9 million worth of Bitcoin from the Binance to an external wallet. The wallet currently holds 24,660 BTC, valued at $2.3 billion.
Additionally, six new wallets collectively withdrew 500.2 Wrapped Bitcoin (WBTC), worth $46.3 million, from the Binance exchange. These trends further signal growing interest from institutional and private investors.