Will Bitcoin Reach $110K? Find Out Now! 🚀🔥

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Will Bitcoin Reach $110K? Find Out Now! 🚀🔥

Key takeaways:

  • Our dear ancient on-chain crystal ball and technical mumbo jumbo say, “Yes, I see a new high in your future!” 📈

  • Glassnode’s magic data reveals most wallets are hoarding BTC like grandma’s secret jam. 🏦

  • But beware! A daily bearish divergence — fancy talk for “the momentum’s taking a nap” — suggests the rally might not hit $120K after all. 😴

The Bitcoin price (BTC) did a little dance and jumped back above $105,000 during the US market frenzy, forming a double bottom pattern on the 1-hour chart, as if it meant business. 🤹‍♂️

The liquidity — that’s fancy talk for “easy money” — around $102,500 was swept away like a bad joke, possibly paving the way for new highs this week. 💸

Bitcoin Fractals: The Nostradamus of Crypto?

Bitcoin’s current ranges between $106,300 and $100,600 are eerily similar to its previous dance between $97,900 and $92,700. The pattern? Oh, just three rather ordinary scenarios:

  • Range lows and highs suddenly flip the script — trend reversal, as usual. 🎭

  • Double bottom after reaching high notes at $97,900 and $107,144. Double the fun! 🎶

  • That same double bottom played just above the lows, sweeping liquidity like a broom—nothing subtle. 🧹

Over the next 24 hours, Bitcoin might chill between $103,500 and $105,200 (cue orange boxes), mimicking its earlier sideways boogie between $95,800 and $97,300. If this pattern holds, we could be looking at a break above $107,000 — maybe even heading for that sweet $110K+ plateau! 🚀🎯

But! If Bitcoin can’t hold $103,500, it might retest the $102,000 support, invalidating all fractal prophecies and opening the gates to lows under $102K. Bad news for those expecting a smooth ride! 🎢

Can Bitcoin Overcome the Daily Doom Shadow?

Glassnode’s mystical charts reveal that small holders (those with less than 1 BTC) are finally joining the rally party with a score of 0.55 — pretty optimistic, huh? 🎉 Larger hoards, those holding 100–1,000 BTC and 1,000–10,000 BTC, are stacking up with impressively high scores of 0.9 and 0.85. Looks like bigger fish are getting fatter! 🐟

Meanwhile, the 1–10 BTC crew remains in a sulky distribution phase. The heatmap, turning blue (sad) to red (happy), hints that market confidence is brewing. Usually, such trends precede a rally—like waiting for the fireworks! 🎆

But hold your horses! Crypto prophet Bluntz warns of a bearish divergence: the price makes a higher high, yet the RSI (Relative Strength Index — the market’s mood ring) makes a higher low. Translation? The buying enthusiasm might be fizzling. 🚶‍♂️

And Matthew Hyland chimes in, saying the bulls better hustle if they want to see $120K-$130K soon — otherwise, the RSI might throw a tantrum, and the rally could go kaboom. 💥

“BTC is now on the clock and probably needs to make a move to $120K-$130K in the coming weeks to make a higher high on the RSI and avoid any weekly bearish divergence from being confirmed.”

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2025-05-20 00:57