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Analysis now suggests Bitcoin could aim for a target of $137,000 following its recent peak of $97,000, driven by historical trends and increased whale activity. 
On Wednesday evening, Bitcoin had an impressive rally, surpassing $95,000 for the first time. 
At its highest, it hit $97,903, marking a gain of over 4.4%. 
Key technical indicators and the movement of large investors have played crucial roles in this bullish trend, indicating potential for further price increases. 
<h3 class="wp-block-heading" id="h-key-historical-breakouts-and-projections" style="font-size:21px">Key Historical Breakouts and Projections</h3> 
Chart analysis by Aksel Kibar points to significant breakout points in Bitcoin’s history, illustrating a pattern of cyclical bull markets. 
For example, the breakout in 2013 above $10 led to a surge to $100, while the 2017 breakout near $1,000 resulted in a peak of $20,000. 
The 2020 breakout over $11,000 spurred a bull run that peaked at $69,000 in 2021. 
Recently, Bitcoin reached a minor high of $73,700 in March 2021. 
Given the current market conditions, Kibar’s analysis suggests a target of $137,000. 
<h3 class="wp-block-heading" id="h-fibonacci-levels-and-market-sentiment" style="font-size:21px">Fibonacci Levels and Market Sentiment</h3> 
Bitcoin has surpassed the 50% Fibonacci retracement level at $83,592, with the next target set at $100,103, aligned with the 78.6% Fibonacci level, and $112,597 at the 100% level. 
This analysis is reinforced by a bullish crossover in the MACD indicator and positive trends in the 50-week and 200-week exponential moving averages, indicating strong market sentiment. 
<h3 class="wp-block-heading" id="h-whale-activity-boosting-the-rally" style="font-size:21px">Whale Activity Boosting the Rally</h3> 
On-chain data shows significant <a href="https://thecryptobasic.com/2024/11/21/analysis-shows-bitcoin-likely-to-target-137000-next-amid-97k-peak/" target="_blank" rel="noreferrer noopener">accumulation</a> by Bitcoin whales, which supports the ongoing rally. 
Recently, a major whale moved $68.9 million worth of Bitcoin from Binance to an external wallet, now holding 24,660 BTC valued at $2.3 billion. 
Additionally, six new wallets withdrew 500.2 Wrapped Bitcoin (WBTC), worth $46.3 million, from Binance. 
These movements highlight increasing interest from both institutional and private investors. 
Currently, Bitcoin is trading at $98,353.94 
Read&nbsp;<a href="https://franknez.com/daily-crypto-news/">Daily Crypto News</a>&nbsp;for more news and updates like this. 
Follow us on&nbsp;<a href="https://coinmarketcap.com/community/profile/FrankNez/">CoinMarketCap</a>. 
Also Read:&nbsp;<a href="https://franknez.com/a-whopping-222m-worth-of-bitcoin-shorts-have-now-liquidated/">A Whopping $222M Worth Of Bitcoin Shorts Have Now Liquidated</a> 
The post <a href="https://franknez.com/analysis-now-suggests-bitcoin-could-aim-for-a-target-of-137000/">Analysis Now Suggests Bitcoin Could Aim For A Target Of $137,000</a> appeared first on <a href="https://franknez.com">Daily Market News 🗞️</a>.

Analysis Now Suggests Bitcoin Could Aim For A Target Of $137,000

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