Bitcoin Price Eyes Rally to $130K As Whales Bag 83K BTC: How and When?

Key Insights:

• Bitcoin price eyes massive rally as whales buy 83,000 BTC.
• Critical support at $94K-$95K could be a major buy zone for Bitcoin bulls.
• Clearing the $106K resistance may trigger a rapid push to the $130K target.

The recent Bitcoin price movements have been the talk of the town lately as bulls regain momentum. Amid this, it appears that the large holders, or whales, are actively accumulating more BTC. This signals at the possibility of testing the $130,000 level soon.

Besides, latest on-chain data and technical analysis show signs of a bullish setup. This is further confirmed by the soaring institutional interest.

Bitcoin Whales Accumulate 83K BTC as Retail Investors Sell

Bitcoin whales have been acquiring coins over the past month, unlike the retail behavior. According to Santiment data, the holders of 10-10,000 BTC have accumulated almost 83,105 BTC over the last month.

This increased whale activity indicates increased confidence in the future of Bitcoin. Especially when these large holders are known to buy when there is uncertainty in the market.

Meanwhile, small retail investors, especially those having a token amount less than 0.1 BTC, have offloaded 387 BTC during the period. This trend shows a combination of profit-taking and risk hedging in the wake of recent price fluctuations.

Historically, such periods of whale accumulation and retail selling have led to major bull runs. As big players position themselves for market movements that are massive in nature.

Analysts mention that such aggressive accumulation is usually a sign of bullishness. With the size of these purchases, Bitcoin price could be prepping to break its previous all-time high of $110,000. In fact, ATH could be stretching towards $130K, if the bulls continue to dominate.

Bitcoin Price Broadening Wedge Breakout Sets $130K Target

Complementing the bullish position, Captain Faibik’s technical analysis identifieda descending broadening wedge breakout. This is a strong continuation pattern that is usually followed by strong upward moves.

The breakout, after 6 months of consolidation, has set up Bitcoin price for a possible run at $130k, if it were to break a key resistance at $106k.

The $106K level is crucial. In other words, the analyst noted that once this barrier is breached, it could trigger a surge toward the projected $130K target. This target agrees with the measured move from the wedge breakout, thus indicating a possible 23.84% profit from the current levels.

However, if bulls are unable to break it, there is a high chance that there will be a pullback toward the $95k–$96k support area, which may form a good buy-the-dip opportunity for the strategic investors.

Captain Faibik’s analysis reinforces the point that failure to break this critical resistance can stall the broad, larger uptrend concurrent with broader market support structures. This makes the $106k level a key level to monitor as Bitcoin tries to gear up for a bigger rally.

Key Bitcoin Price Levels To Watch Ahead

Technical analysis from Crypto_Scient added another perspective on Bitcoin’s potential path. The analyst highlighted a 4-hour Order Block (OB) cluster and a 1-day trend retest within the $94,000 to $95,000 range.

This zone represents a crucial support area where significant buying interest is expected, serving as a possible launchpad for the next leg up.

This strong rebound from the area will confirm a return of bullish pressure, and is in line with the previous demand zones that the whales have previously accumulated. Rather interestingly, this may be the lead-up for a possible big price move if it is tested.

However, in case Bitcoin price fails to find support at this level, the bullish scene loses strength. This could result in some deeper correction and shaking off the weaker hands. Despite this risk, the current zone, as long as it holds, is of great interest to traders trying to gain from the current uptrend.

Outlook: $130K in Sight, but Key Levels Must Hold

Although the general technical outlook of Bitcoin price seems to be bullish, the journey to $130K is solely dependent on some key determinants. Support in the $94K – $95K zone is important for continuing the existing uptrend.

Breaking out above the $106K resistance would most probably become the last piece of evidence for the full-fledged breakout.

With the BTC whale activity increasing and with the bullish chart patterns being formed, the setting is seemingly ready for a major rally. These key levels are being closely watched by traders, as any decisive movement can start the next big Bitcoin bull run.

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