Bitcoin (BTC) Price Prediction: Will the Token Accumulate Before the Next Upswing?

The token usually accumulates before the next upswing, which is expected to push the BTC price to new highs

The crypto markets are currently still, as most of the tokens, including Bitcoin, are consolidating within a narrow range. After the latest upswing, the ongoing sluggish behaviour can be seen as an accumulation of bullish strength, which could trigger a strong upswing hereafter. The consolidation usually breaks once the BTC price breaks above the local resistance that triggered a pullback in the near past.

The $105,800 range has triggered a pullback in the past few days. Does this suggest that breaking these levels may push the price straight to a new ATH, or could another consolidation follow just below the highs?

Many things have been developed in the past couple of years, specifically after the inclusion of institutions into the crypto space. Some of the data suggests a low interest and trading activity of the retail traders, while the institutions have taken over the crypto market. Big companies like Strategy and BlackRock have over 500K BTC with them, which could heavily impact the BTC price rally.

Meanwhile, the price seems to have found the local resistance at $105,000 and breaking this may liquidate millions of shorts.

As per CoinGlass data, nearly $100M in shorts have been accumulated between $104,700 and $104,900. Shorts have begun to pile up closely to $105,000, and breaking these levels is extremely crucial for the Bitcoin price rally. On the contrary, some of the longs are also accumulated below $102,500 and hence, breaking these levels may push the price lower while holding above the $100K psychological barrier.

Considering the current trade setup, the BTC price is consolidating within a range-bound while constantly trying to break the range. The short-term bearish flag has been pulled up, which makes a bearish move quite evident. However, the indicators have been failing to completely switch to bearish, and the bulls have prevented it each time. Hence, the upcoming weekend may have a huge impact, as a rise above $104,000 could easily elevate the levels above $105,000, while a failure could trigger a bearish action close to $100,000.

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Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Join us today!Yes, institutional players like BlackRock are said to hold over 500K BTC, impacting the crypto market more than retail traders.

According to Coinpedia's BTC price prediction, the token price could reach a peak of $168k this year if the bullish persists.

If BTC falls below $102.5K, it could test $100K support as long positions below may begin unwinding.