As Bitcoin (BTC) flirts with the psychologically significant $100,000 mark, multiple on-chain and technical indicators have turned bullish. Crypto analysts across the board are forecasting a potential new all-time high (ATH) for BTC in the coming months, citing favorable market behavior, technical patterns, and macroeconomic developments.
Indicators Turn Bullish For Bitcoin
In a recent post on X, crypto analyst Titan of Crypto shared a two-week Bitcoin chart, highlighting BTC’s potential upside. According to his analysis, the top cryptocurrency may benefit from bullish Bollinger Bands.
The chart showcases two previous instances – in 2023 and 2024 – where BTC posted significant gains after bouncing off the 20-day simple moving average (SMA), depicted as a red line in the below chart.
If history is any indication, Bitcoin’s April 6 dip to $74,508 could end up being the local bottom for this cycle. Based on previous patterns, BTC could now be gearing up for a sharp move upward, potentially reaching a new ATH by July 2025.
Adding to the bullish narrative, popular analyst Rekt Capital shared a weekly BTC chart indicating that downside deviation may already be behind us. According to the chart, BTC has a history of briefly dipping below the green support line before rallying to new highs. If the current cycle follows a similar path, Bitcoin could soon break past its previous ATH.
Recent BTC price action has also filled its upper Chicago Mercantile Exchange (CME) gap. Filling an upper CME gap is considered bullish for BTC because it suggests strong upward momentum and market intent to reclaim higher price levels that were previously skipped during volatile moves.
Order books are also pointing to potential upside. In another X post, analyst Crypto Goos noted that if BTC reaches $98,000, roughly $400 million in short positions will be liquidated. This kind of short squeeze could further fuel a sharp price surge as traders rush to cover positions.
BTC Whales Are Back In Business
Whales – wallets holding large amounts of BTC – are also becoming more active, further reinforcing bullish sentiment. According to CryptoGoos, there has been a noticeable rise in new whale wallets accumulating BTC. Such behavior typically reflects renewed confidence from large institutional and long-term investors.
Macroeconomic factors are also playing a role. Crypto enthusiast Ted pointed out that China’s recent decision to inject ¥1 trillion into its economy has positively impacted Bitcoin’s price. He noted:
I told you that the $BTC pump is coming soon. And it happened today. BTC pumped nearly $3,000 after China announced to inject ¥1 trillion into its economy. Follow the Global M2 supply and you’ll know exactly about the BTC pump.
Despite the growing optimism, analysts caution that BTC must hold above key support at $93,198. A drop below this level could invalidate the bullish thesis in the short term. At press time, BTC trades at $96,589, up 2.3% over the past 24 hours.
