Bitcoin eyes $100K as historical patterns signal potential breakout
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Bitcoin surged past $93,000 earlier today, posting a near 10% gain over the past 24 hours. The rally follows the announcement of a U.S. crypto strategic reserve, which is expected to include major digital assets such as BTC, ETH, SOL, XRP, and ADA. The news has fueled optimism, driving Bitcoin back above the $90,000 threshold and reigniting discussions about a potential move toward $100,000.
CryptoQuant analyst has identified recurring patterns in Bitcoin’s historical price behavior, suggesting that the asset may be mirroring past corrective phases seen in the summers of 2023 and 2024. Using UTXO Age Bands—a metric that tracks how long BTC remains unmoved in wallets—analyst highlights that Bitcoin is currently in its third corrective phase of the ongoing bull cycle that began in early 2023.
Previous corrective phases lasted approximately six months before Bitcoin broke through resistance levels and reached new highs. If this trend continues, BTC could consolidate within the $80,000–$100,000 range over the next two to three months. A breakout beyond $100,000 could mark the end of the correction phase and propel Bitcoin toward the $130,000 level, based on historical price action.
Additional insights from CryptoQuant analyst OnChainSchool reinforce this bullish outlook. The MVRV Z-Score, a valuation metric comparing Bitcoin’s price to its historical fair value, suggests that BTC may soon enter an accelerated upward trajectory. This pattern was last observed in early 2024 when Bitcoin surged past $72,000 to new record highs.
Unlike previous cycles, the current market appears to be advancing at a faster pace, potentially influenced by evolving political and institutional dynamics in the U.S. Regulatory developments, macroeconomic conditions, and continued demand for Bitcoin as a hedge asset will play a crucial role in determining whether the digital currency can sustain its momentum and break past its previous all-time high sooner than expected.
As Bitcoin’s price action unfolds, investors will closely monitor key resistance levels and structural market indicators to gauge the potential for another parabolic leg in the ongoing bull market.
CryptoQuant analyst has identified recurring patterns in Bitcoin’s historical price behavior, suggesting that the asset may be mirroring past corrective phases seen in the summers of 2023 and 2024. Using UTXO Age Bands—a metric that tracks how long BTC remains unmoved in wallets—analyst highlights that Bitcoin is currently in its third corrective phase of the ongoing bull cycle that began in early 2023.
Previous corrective phases lasted approximately six months before Bitcoin broke through resistance levels and reached new highs. If this trend continues, BTC could consolidate within the $80,000–$100,000 range over the next two to three months. A breakout beyond $100,000 could mark the end of the correction phase and propel Bitcoin toward the $130,000 level, based on historical price action.
Additional insights from CryptoQuant analyst OnChainSchool reinforce this bullish outlook. The MVRV Z-Score, a valuation metric comparing Bitcoin’s price to its historical fair value, suggests that BTC may soon enter an accelerated upward trajectory. This pattern was last observed in early 2024 when Bitcoin surged past $72,000 to new record highs.
Unlike previous cycles, the current market appears to be advancing at a faster pace, potentially influenced by evolving political and institutional dynamics in the U.S. Regulatory developments, macroeconomic conditions, and continued demand for Bitcoin as a hedge asset will play a crucial role in determining whether the digital currency can sustain its momentum and break past its previous all-time high sooner than expected.
As Bitcoin’s price action unfolds, investors will closely monitor key resistance levels and structural market indicators to gauge the potential for another parabolic leg in the ongoing bull market.