Bitcoin Ready for the Big Bang! Can It Reach $100,000?

As we reported at Kriptokoin.com, the upcoming halving event of Bitcoin has generated great interest in the crypto world. In the past, halving has resulted in significant price increases for Bitcoin. Popular analyst Rekt Capital also suggests that this event could lead to another strong price increase. However, despite the current market dynamics painting a different picture, there is still an expectation of a potential rise.

Bitcoin Historical Price Movements and Halving Effect

Rekt Capital reminds that Bitcoin has historically stalled at resistance levels during halving events, followed by significant price increases. Accumulation below resistance levels, especially in 2016 and 2020, paved the way for parabolic price increases. Therefore, the previous peak levels are now serving as support. This shift plays a critical role in accelerating price increases.

At this stage, the price of Bitcoin is in a consolidation phase. However, investors continue to accumulate at these levels before a new rally. According to analysts, if the resistance levels are surpassed, a major surge is expected.

Bitcoin Accumulation Stage and Process

Bitcoin has been in an accumulation phase for about 185 days. However, in previous cycles, this period was shorter. For example, in 2020, there were significant price increases within 160 days after the halving. However, in this cycle, the process has taken a bit longer.

Analysts predict that if Bitcoin breaks its designated resistance levels, it could enter a new parabolic phase. This phase will herald the long-awaited significant price increase. However, breaking this resistance may take time, and investors should be patient.

BlackRock's Investment and Its Impact on the Market

BlackRock recently increased its Bitcoin holdings by 4,323 BTC, worth approximately $293.41 million. This move has created a great deal of optimism among investors. The interest of major investors in Bitcoin is having a positive impact on the market.

After this investment, the price of Bitcoin approached a strong resistance level. In addition, analysts indicate that new highs could be seen if this level is surpassed. Moves by giant players like BlackRock could seriously affect the price of Bitcoin.

Market Data and Potential Rise

According to technical analysis, Bitcoin has been moving within a descending channel formation in recent months. In this context, investors at these levels generally expect the price to fall, but the current market sentiment is in favor of the bulls. On-chain data also supports this trend.

According to CoinGlass data, Bitcoin's Long/Short ratio is at 1.03, indicating that investors prefer long positions. As a result, if Bitcoin closes above $68,800, new highs may be seen. The current trend of the market is signaling a bull market transition.

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