NewsBTC
2024-03-27 02:00:58

Bitcoin’s ‘Next Leg Higher Has Started,’ Says Analyst: Reveals $100,000 Target On The Horizon

Jelle, a well-regarded crypto analyst, recently shared via the latest post on X that Bitcoin is on the verge of a significant upward movement, potentially reaching the $100,000 mark much sooner than many have anticipated. This optimistic prediction comes when Bitcoin has shown considerable resilience, bouncing back from various challenges and solidifying its position as a leading digital asset. Related Reading: Analyst Warns Of Bitcoin Pre-Halving Retrace Echoing Troubling 2020 Trend The Bitcoin Path To $100,000 Jelle’s assertion that Bitcoin is gearing up for a significant price rally to $100,000 is supported by recent market movements and the strategic positioning of investors within the ecosystem. The analyst’s confidence is rooted in observing Bitcoin’s market behavior, including establishing a new higher low and a push toward previous highs. Such patterns have historically preceded substantial gains for Bitcoin, making the $100,000 target seem increasingly attainable. The new higher low has locked in, and #Bitcoin is pushing back towards the highs. The next leg higher has started. $100,000 is a matter of time, imo. https://t.co/EA1TvcUlN5 pic.twitter.com/qt55a0Uy7f — Jelle (@CryptoJelleNL) March 26, 2024 This forecast is further bolstered by the market’s reaction to Bitcoin’s recent performance. Despite some volatility, the cryptocurrency has managed to reclaim and maintain a price point above $69,000. Mysterious Movements And Market Signals Adding to the intrigue surrounding Bitcoin’s potential surge is a mysterious on-chain activity involving one of the cryptocurrency’s dormant addresses. This address, the fifth richest Bitcoin wallet, suddenly sprang to life after years of inactivity, moving roughly $6 billion worth of Bitcoin. The transaction, executed over the weekend, divided the sum into smaller amounts distributed across new wallets. The 5th richest Bitcoin address just moved over $6 BILLION in BTC to three new addresses. 37X moved almost its ENTIRE BALANCE of 94.5K BTC ($6.05B) in the early hours of Saturday 23rd March, leaving only 1.4 BTC in the address. The 94.5K BTC had not been moved since 37X… pic.twitter.com/mAjpg0oqnD — Arkham (@ArkhamIntel) March 25, 2024 This activity has raised eyebrows within the crypto community, as large BTC wallets are typically linked to exchanges. Still, the lack of exchange-related activity and interactions with this particular wallet has led to speculation about its ownership and purpose. Related Reading: Bitcoin Price Surges Past $71,000: 4 Key Reasons Behind The Rally However, BTC’s ability to sustain its price above $69,000 in the days following this activity indicates that whoever is responsible for this mysterious activity might not have made any sell move. Meanwhile, Analyst Rekt Capital has recently drawn parallels between the current market conditions and the pre-halving phase of 2020, suggesting that Bitcoin may be poised for a similar growth trajectory as witnessed in previous cycles. Featured image from Unsplash, Chart from TradingView