Bitcoin Hits $112,000 ATH on Binance, Whales Expect $170,000

Bitcoin has recently achieved a new all-time high (ATH) of $112,000 on Binance, surpassing its previous ATH in the $111,900 range. This milestone has sparked significant bullish sentiment within the crypto community. Analysts have identified multiple bullish indicators on the BTC price chart, suggesting that the next major bullish target for Bitcoin lies between $135,000 and $137,000 in the coming weeks. Additionally, there is speculation that Bitcoin could reach an even higher ATH of $140,000.

According to the analysis, the BTC price chart is currently coiled like a spring, indicating a period of consolidation within a well-defined trading channel. This pattern is reminiscent of other stocks that have performed well with similar characteristics. The expert emphasizes that the bullish signals and indicators are clear, with BTC having already broken past the $110,000 price target. This breakout is expected to lead to a surge in price, with the next resistance level at $140,000, followed by a potential rise to $170,000.

The recent price pump in Bitcoin has resulted in significant short liquidations, with nearly $200 million wiped out in under an hour. This volatility has led to increased interest from whales in setting up long trades, both in Bitcoin and altcoins. Whales are showing more conviction and faith in the pioneer crypto asset, driving expectations for a greater price pump in the near future. This trend is further supported by the observation that the time between phases 3 and 4 of the Puell Multiple has been the longest seen, indicating that the price pump is not yet over and that a greater price increase for BTC is on the horizon.