Long-Term Holders Accumulate and Drive Bitcoin Toward $110,000
The crypto market is currently experiencing a remarkable growth phase, with a staggering $28.5 billion increase in its total market capitalization in just 24 hours. This positive trend, largely driven by the recovery of Bitcoin and the progress of the altcoin Pi Network, reflects market stabilization and a renewed investor confidence in this rapidly expanding sector.
At the core of this bullish momentum is Bitcoin, continuing its recovery and now trading at $107,482. After securing the $107,000 mark as a new support level, the leading cryptocurrency aims to break out of the resistance zone to reach $110,000. This key level will be crucial in attracting investor interest once again and propelling the cryptocurrency price to new highs.
According to analyst Axel, Bitcoin could reach $160,000 in the coming months. The Long-Term Holder supply chart indicates an accumulation similar to those seen in previous BTC uptrends.
“This accumulation phase could last 4 to 8 weeks, after which, following previous cycles, a powerful upward reversal is likely. Applying a more conservative multiplier of ×1.6 to the current price, the next target for an uptrend is around $160,000.” explained the analyst.
Pi Network : Progression into Crypto market
Meanwhile, the altcoin Pi Network has emerged as the standout of the day, showing an impressive growth of 15.6%. Now trading at $0.58, Pi Network is approaching the $0.64 resistance level, a pivotal point that could pave the way for further upward momentum. Investors are closely monitoring this development, anticipating a potential breakthrough above this key resistance.
Beyond individual performances, the entire crypto market is exhibiting signs of recovery. The total market capitalization has surpassed $3.26 trillion, edging closer to the $3.31 trillion resistance level. A breakthrough at this level could propel the sector toward $3.43 trillion, further bolstering investor confidence.
While risks of a trend reversal remain, this bullish momentum demonstrates the resilience of the crypto market. Informed investors will closely monitor price movements and support/resistance levels in the days ahead, seeking new opportunities.
