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Bitcoin Repeats Historic Pattern—Next Breakout to $100K?
Bitcoin and the cryptocurrency market have recovered, with Bitcoin topping $93,000 today following a 10% gain in 24 hours.
The rise followed the disclosure of a US crypto strategic reserve that may contain BTC, ETH, SOL, XRP, and ADA.
The report sent Bitcoin over $90,000 amid market optimism. Analysts seem to be attentively monitoring Bitcoin's corrective phase as its price rises.
Historic BTC Prices and Market Outlook
Grizzly says Bitcoin is in its third correction phase since early 2023. This trend has been detected using UTXO Age Bands, which measure BTC wallet inactivity.
Both summers of 2023 and 2024 had six-month correction periods. BTC faced resistance before reaching fresh highs.
Grizzly said that BTC may consolidate for two to three months at $80,000–$100,000 if this trend continues. As historical evidence implies, a breakthrough over $100,000 might finish the downturn and drive BTC above $130,000.
Market players should monitor the premium bands' structural dynamics since a breach over resistance might indicate Bitcoin's next parabolic bull market run.
Market Indicators for Bitcoin's $100K Path
OnChainSchool, another CryptoQuant expert, has offered further BTC price predictions exceeding $100,000. The MVRV Z-Score compares Bitcoin's worth to its historical fair value, the analyst notes.
The analyst believes the MVRV Z-Score cooling suggests Bitcoin might soon rise rapidly, similar to early 2024 when BTC rocketed beyond $72,000 to new all-time highs.
Unlike previous cycles, the market looks to be moving quicker, maybe due to US political changes.
#MarketPullback USCryptoReserve #BTC CMEsolanaFutures $BTC $ETH $XRP