Key Points
- Bitcoin (BTC) has surpassed the $70,000 mark again, with significant accumulation by stakeholders.
- Analysts predict the cryptocurrency could reach a new all-time high, with potential for it to reach up to $100,000.
Bitcoin (BTC) has once again crossed the $70,000 threshold, a level it had not reached since March 15.
This increase in BTC price is attributed by some analysts to significant accumulation by stakeholders.
At the time of writing, BTC had a 3.9% increase within the previous 24 hours.
This increase has led some analysts to speculate that BTC is on its way to a new all-time high.
What Led to the Price Surge?
Crypto analytics platform Santiment reported that wallets holding between 10 and 10,000 BTC collectively accumulated 51,959 Bitcoin on a single day.
This figure equates to 0.263% of the entire coin supply being purchased within a 24-hour period.
Analysts’ Predictions on Bitcoin’s Future
Prominent technical on-chain analyst Ali, with over fifty thousand followers, predicted that Bitcoin’s consolidation period under its all-time high is nearing an end.
The cryptocurrency has corrected by approximately 17.5% from its record peak, a pattern similar to one observed in 2020, which was followed by a major uptrend.
According to Ali’s analysis, BTC appears to be breaking out of an ascending triangle on lower time frames, which could potentially propel it towards the $71,800 level, provided that the $70,400 support level holds firm.
Another analysis by Rekt Capital compared the current situation to BTC’s 2020 pre-halving retracement.
He suggested that the current retracement could signal a similar market pattern to what was observed in the previous halving, potentially leading to a surge in the price of the coin.
Ash Crypto, another prominent analyst, suggested that Bitcoin is breaking out of a bullish pattern, potentially propelling it towards $100,000 if support holds firm.
Another prominent crypto analyst, Seth, speculated that BTC tends to take advantage of high liquidity, suggesting the coin might be moving towards the $75,000 price level.
As the highly anticipated Bitcoin halving event on April 19th approaches, it would not be surprising to witness a continuation of this accumulation trend.
This event has historically acted as a catalyst for price appreciation due to the decrease in BTC supply.
A healthy balance between the participation of mid-tier investors and the preservation of ample liquidity reserves held by larger players could pave the way for a sustained bull run and further mainstream adoption of BTC and other cryptocurrencies.
