Bitcoin Price Eyes $200,000 Breakout If This History Aligns

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Bitcoin to the Moon (Maybe) 🚀

Bitcoin Price Eyes $200,000 Breakout If This History Aligns

The price of Bitcoin (BTC) is having a bit of a breather, one imagines, after the market went bananas last week. The poor dear dropped as low as $76,624.25, a veritable bloodbath! But fear not, dear reader, for the outlook now suggests a possible resurgence for our digital darling.

Bitcoin Price and Potential $200,000 Play

At the time of this writing, BTC was fetching a respectable $83,927.24, up a rather modest 1.38% in 24 hours. The coin has bounced back from a low of $82,017.90 to a high of $84,725.32, which, one might say, hints at a potential breakout. A veritable rally, if you will.

Market analyst Rekt Capital, bless his heart, has taken a look at this current price action and wondered if it’s just a temporary respite. He’s drawn a parallel to June 2021, when Bitcoin was also consolidating between the 21-week EMA and the 50-week EMA, a pattern that emerged after a rather nasty crash.

We all remember that crash, don’t we? Millions in liquidation, a veritable massacre! But following this price slump, Bitcoin has found itself in the same EMA sweet spot as back in 2021.

In June 2021, Bitcoin prices jumped from a paltry $33,000 to a more respectable $42,000, giving an average price of $37,500. From there, the coin soared by over 123.95% to its current price of $83,927.24. If history repeats itself, Bitcoin may reach dizzying heights of nearly $187,280, or perhaps even $200,000!

BTC Price and Accumulation Trend

According to market data from Glassnode, Bitcoin currently has a high of 0.1. Glassnode, a bastion of market analytics, suggests this figure indicates sustained buying pressure, even amidst the recent selloff.

Rather than fleeing the market like startled rabbits, Glassnode hints that the coin’s distribution remains dominant overall. Other on-chain indicators also point to a potential reboot from BTC proponents. IntoTheBlock data shows a 5.34% surge in large transactions to $34.7 billion.

These whale transactions are rather important, you see, as they signal a shift in sentiment among the market players. It’s all rather encouraging, isn’t it? And it’s further complemented by a 24% surge in BTC trading volume on crypto exchanges, a sure sign of sustained positive sentiment.

What Next for the Crypto Market?

The rise and fall of Bitcoin, one might say, has a rather profound impact on the broader market. Not unlike the stock market, or perhaps the weather, Bitcoin’s movements are a bit unpredictable.

Experts are convinced that the broader market may ignite a bullish rally if conversations

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2025-03-18 01:12