- While BTC consolidated, whales bought a substantial amount of BTC.
- The RSI revealed that there was more room for buying, supporting the possibility of a bull rally.
After showcasing impressive performance in November, Bitcoin [BTC] has now entered a consolidation phase. However, a crucial BTC metric flashed a signal, which indicated a possible change in market sentiment. Will this push be enough to send BTC to $100k next?
Is this a Bitcoin bottom?
After touching $99k last week, BTC witnessed a major correction as it fell to $91k. However, things started to get better as BTC hovered around the consolidation zone of $96k.
At press time, the king coin was trading at $96,431.49 with a market capitalization of over $1.9 trillion. This all happened amidst speculations of BTC targeting $100k.
The good news was that the latest analysis indicated a similar possibility. Glassnode’s recent tweet revealed that the Seller Exhaustion Composite for Bitcoin flashed a signal on the weekly timeframe, hinting at a positive shift in market sentiment.
This could mean that Bitcoin was in its market bottom.
Ali Martinez, a popular crypto analyst, also posted a tweet hinting at BTC to $99k in the coming days. Martinez’s tweet pointed out a falling wedge pattern on BTC’s chart, which suggested a possible Thanksgiving rally.
In addition BTC whales are stockpiling the coin. Caueconomy, an author and analyst at CryptoQuant, posted an analysis revealing that almost 16,000 BTC entered whale reserves.
This number continued to increase, corresponding to almost $1.5 billion in on-chain accumulation. This was a clear example of ‘buy the dip’ strategy, reflecting the big pocketed players’ confidence in Bitcoin.
Source: CryptoQuant
Odds of BTC moving to $100k
All these metrics that suggested a move towards $100k was also backed by Bitcoin’s Pi Cycle top indicator. If the indicator is to be believed, then BTC has a possible market top above $123k.
Conversely, if BTC’s current price is not its bottom, then the king coin might drop to $68k, as suggested by the same indicator.
Source: Glassnode
AMBCrypto’s analysis of BTC’s daily chart revealed that it was testing its resistance of the 9-day MA. In case of a bullish breakout, it might kickstart a fresh rally towards $100k as we approach the festive season.
In fact, after reaching 82, Bitcoin’s Relative Strength Index (RSI) dropped to 66.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
This meant that there was more room for buying, which could provide the required push to break above the resistance in the coming days.
However, it will also be crucial for BTC to breach the $99k resistance to hit a triple digit value.
Source: TradingView
