Analyst says Bitcoin could soon cross $135k. Compare this activity to the 2017-2018 Bitcoin rally.
Increased whale activity and institutional buying could prop BTC towards these targets.
Bitcoin today made a $99.5k high after it broke out of $92k levels.
Several experts concur with this prediction.
After almost touching $100k, an analyst now predicts Bitcoin could next aim for $137k, supported by strong whale activity.
Technical analyst Aksel Kibar mentioned that based on monthly technical charts, Bitcoin is currently looking at a 35% gain from its current level.
Bitcoin's price has shown such trends earlier in 2013, 2017 and 2021.
In 2013, BTC rose from $10 to $1000.
2017-18, BTC rose from $800 approx to $20k.
In 2021, the same pattern saw BTC rise from $11.2k to $73.7k.
In each case, the price gained massively only after a breakout candlestick was spotted in its charts. The bullish candlestick, shown in the above tweet as white, forms around the high of the previous season. Sometimes, it can fall slightly lower (in 2021) or higher (in 2024).
After each breakout above the candlestick, BTC's price rallies by several thousand percent in a super rally.
In the past, we have seen such rallies predicted by Rekt Capital and its Macro Diagonal Theory. According to them, Bitcoin usually sees a post-halving parabolic rally a few months after each halving event.
Today, Bitcoin touched $99.5k before being corrected to $98.5k at press time. A mix of whale activity, institutional buying, and retail demand caused this surge.
In the last three weeks, Michael Saylor's MicroStrategy has raised $9.6 billion to buy Bitcoins and has already deployed $4.6 billion of that into the markets. His company has gained more than 30% in market cap in the same period, currently crossing a $100 billion valuation.
There has also been a surge in whale activity. In the last seven days, whales have transacted $216 billion of Bitcoin. Of this, $4.6 billion was removed from exchanges, signaling long-term investment.
A similar analysis was presented by Rekt Capital, who, in early 2024, predicted six price trends in Bitcoin throughout 2024 and 2025. According to the analysis, the six trends would be:
Pre Halving Rally
Pre Halving Retrace/Consolidation
Macro Diagonal Rejection
Post Halving Re-Accumulation
Macro Diagonal Retest
Post Halving Parabolic Rally
The current prediction of a 35% rally follows the last phase, i.e., the post-halving parabolic rally. Certainly, as predicted, Bitcoin has rallied more than 50%, from $66k on 22 Oct to $99.5k on 22 Nov.
Another analyst who runs a YouTube channel named Swan Bitcoin mentions that Bitcoin could go much higher than $100k because of three reasons: purchases by MicroStrategy, possible investment by the US Government, and the definite entry of Sovereign Wealth Funds. The analyst quotes Senator Cynthia Lummis, who advises the government to sell some of its gold reserves to buy Bitcoin.
Charles Edwards, who owns Capriole Funds, thinks Bitcoin has already entered a parabolic growth phase in every halving cycle. In the current cycle, which is the 4th one, he expects Bitcoin to reach $200k.
Further, for those doubting Bitcoin's ability to swiftly cross $100k, Edwards adds that both Bitcoin and Michael Saylor's $MSTR are still undervalued, which means both can gain immensely in terms of price before there is any major correction.
As Bitcoin's price gallops, a persistent question lingers in people's minds: Is it overvalued? If overvalued, a small event or news flow can trigger major corrections in the market, dissolving the recent gains made by all BTC investors.
However, despite all worries, Bitcoin is not overvalued in the current markets.
Bitcoin MVRV Score
The evidence for this can be seen in Bitcoin's MVRV charts. According to data released by CryptoQuant, BTC's MVRV value is 3.28 at press time. Prior to its last major rally in Nov 2021, BTC's price had an MVRV of 3.6, much higher than current levels.
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