Bitcoin Price Targets New All-Time Highs as Whales Go On Massive BTC Buying Spree

After experiencing bearish declines and volatility, Bitcoin (BTC) is finally looking bullish, with a crypto analyst forecasting a breakout to a new all-time high target.

CryptoSlate Top Stories كوبي فانجارد يحدد هدفًا جديدًا لسعر البيتكوين وهو 120 ألف دولارًا مع ارتفاع الضغط الشرائي.

After experiencing bearish declines and volatility, Bitcoin (BTC) is finally looking bullish, with a crypto analyst forecasting a breakout to a new all-time high target. Having identified a Cup and Handle pattern on the BTC chart, the analyst is now telling investors and traders that it might be time to buy BTC.

In a detailed BTC price chart analysis, TradingView crypto analyst CobraVanguard highlights the formation of a textbook Cup and Handle pattern. This technical pattern is a well-known bullish continuation indicator, signaling that momentum may be building up and that Bitcoin may be on the verge of a strong price rally.

Interestingly, the chart also shows other key technical indicators. An Ascending Triangle pattern, which is characterized by a flat upper resistance line and a rising lower trendline, was spotted. This technical pattern is another bullish formation that usually precedes a rally, indicating increasing buying pressure.

Speaking of buying pressure, CobraVanguard highlights that the emergence of two bullish technical patterns on the Bitcoin chart might be a sign to buy and HODL. With the price still below $100,000 and currently trading at $95,806, an impending price rally would mean that now might be the optimal time to enter the market.

Based on these patterns, the TradingView analyst has set a new target for Bitcoin. He anticipates that the pioneer cryptocurrency will reach $120,000 within the next few weeks. This would set a new all-time high, surpassing previous market peaks from earlier this year.

Notably, in addition to a Cup and Handle and Ascending Triangle pattern, CobraVanguard has also identified an AB=CD harmonic pattern on the chart. This AB=CD indicator suggests symmetry in the BTC price movements and signals a measured move to the upside once the pattern is complete.

While the TradingView analyst anticipates that the asset could hit $120,000, he notes that if its breakout from the aforementioned bullish patterns continues, a higher target of $124,619 could be reached.

Whales Go on Massive BTC Buying Spree as CryptoSlate Top Stories reveals.

The Bitcoin buying pressure is palpable, with whales scooping up as much BTC as they can during its current downtrend. These deep-pocketed investors are known for making strategic buys, usually entering the market during volatile and declining periods and then selling at market peaks.

According to new reports from Coinvo on X (formerly Twitter), Bitcoin whales are currently buying “an insane” amount of BTC. Sharing a detailed chart that depicts Bitcoin’s inflows to accumulation addresses, Coinvo highlights a sharp increase in inflows, suggesting that whales are actively buying BTC in large quantities.

This behavior is usually seen before potential price rallies, as accumulation tends to drive demand higher. As a result, Coinvo has suggested that the increased whale activity may be a sign to start buying BTC.