Bitcoin Price Analysis: BTC Continues Uptrend, Can It Finally Break $90,000 

Bitcoin (BTC) continues to push higher as it nears the $90,000 mark. The flagship cryptocurrency briefly reclaimed $90,000 on Friday, reaching an intraday high of $90,832.

However, it lost momentum after reaching this level, slipping below $90,000 to $89,688. The flagship cryptocurrency is marginally up over the past 24 hours. 

Bitcoin and the broader cryptocurrency market have started the year in positive territory, with analysts noting that crypto social chatter has had a very positive start to 2026. However, markets remain cautious as mixed macroeconomic signals and uneven liquidity conditions keep investors guessing. 

Bitcoin Whale Accumulation Overstated: CryptoQuant 

CryptoQuant on-chain data has revealed that speculation about Bitcoin whales reaccumulating large amounts of Bitcoin (BTC) has been massively overstated. According to the analytics platform, the overall market structure has not materially changed. CryptoQuant head of research, Julio Moreno, stated, 

No, whales are not buying an enormous amount of Bitcoin. Most Bitcoin whale data out there has been “affected” by exchanges consolidating a lot of their holdings into fewer addresses with larger balances. This is why whales seem to have accumulated a lot of coins recently.

Crypto exchanges consolidate funds from smaller wallets into larger ones for operational and regulatory purposes. This process increases the number of wallets with very large Bitcoin balances. Sometimes, on-chain trackers misidentify this routine activity as whale accumulation. However, when routine exchange activity is filtered out, the data reveal that large holders are still distributing Bitcoin, not accumulating. According to CryptoQuant, whale wallet balances continue to decline, with even holdings of addresses with 100 to 1,000 BTC declining. 

Crypto Social Chatter “Very Positive” 

Santiment analysts have revealed that social media chatter among crypto market participants has had an overwhelmingly positive start to 2026. However, they warned that further upside depends on retail investors remaining level-headed. Santiment analyst Brian Quinlivan stated, 

We need retail to continue to be a bit cautious, a bit pessimistic, a bit impatient. It is very positive at the moment. Usually that is a bit of a concern, but in this case it might just be a hey, we’re back from the holidays.

However, Quinlivan is not overly worried about FOMO, but added that it could become a factor if BTC quickly climbs past $90,000 to $92,000. 

Strategy mNAV Could Slip Below 1

Michael Saylor’s Strategy is nearing a dangerous zone as it falls towards a key valuation threshold. The Bitcoin-focused treasury’s market-to-net-asset-value or mNAV is at risk of falling below 1. If the mNAV slips below 1, Strategy shares will be trading below the value of its Bitcoin holdings, raising fresh concerns about forced sales and market volatility, as the market would be valuing Strategy at less than the Bitcoin it holds. 

When mNAV drops below 1, investors can, at least theoretically, buy Bitcoin more cheaply by directly purchasing the asset rather than a stock representing it. Such conditions often trigger selling pressure as the rationale for paying corporate risk, dilution, and management cost weakens. Strategy currently holds 672,497 bitcoin, currently worth $60.7 billion. Despite an unrealized gain of around 20%, Strategy’s basic market capitalization is around $45 billion, and its diluted valuation is at $50 billion, indicating a discount on the underlying asset. 

Strategy’s current mNAV is estimated to be just under 1, intensifying scrutiny on the company, largely because it relies on issuing equity on a premium to fund its Bitcoin purchases. If the stock continues trading below the value of its Bitcoin holdings, the company could face difficulty in raising capital through share sales. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) briefly crossed $90,000 on Friday as markets started the new year in positive territory. The flagship cryptocurrency reached an intraday high of $90,935 on Friday before settling at $89,957, representing a 1.37% increase. The price is marginally down during the ongoing session, trading around $89,637. 

Analysts have highlighted several positive signals as markets recover, with one being that long-term holders are once again accumulating Bitcoin. According to Mathew Sigel, head of digital assets at VanEck, long-term holders have become net accumulators over the past 30 days after what he called the cohort’s largest selling event since 2019. Sigel believes the shift suggests that one of the most significant sources of selling pressure could finally be easing. However, Bitcoin is yet to register a sustained recovery, but has remained between $86,000 and $90,000. The flagship cryptocurrency briefly crossed $90,000 as buyers look to reclaim the crucial resistance level. 

Despite the market resurgence, the Crypto Fear & Greed Index remains in “Fear” territory, reporting a score of 29 on Saturday. While markets are optimistic, news of escalating tensions between the US and Venezuela could dampen market sentiment. 

BTC ended the previous weekend at $88,639, registering a marginal increase. The price reached an intraday high of $90,541 on Monday but lost momentum and settled at $88,556. Selling pressure intensified on Tuesday as BTC fell 1.27% to $87,429. Despite the selling pressure, the price recovered on Wednesday, rising 0.21% to $87,609. However, selling pressure returned on Thursday as BTC fell 0.50% to $87,171. BTC reached an intraday high of $89,496 on Friday but failed to sustain momentum and settled at $87,296.

Source: TradingView

Price action remained positive over the weekend, with BTC rising 0.59% on Saturday and 0.08% on Sunday to $87,877. The price reached an intraday high of $90,325 on Monday. However, selling pressure forced BTC to retreat below $90,000 and settle at $87,110. The price recovered on Tuesday, rising 1.48% to $88,397. However, selling pressure returned on Wednesday as BTC fell 1.02% to $87,497. The price recovered on Thursday, rising 1.42% to reclaim $88,000 and settle at $88,738. Buyers retained control on Friday with BTC rising 1.37%, crossing $89,000 to $89,957. The price is marginally down during the ongoing session, trading around $89,700.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.