Bitcoin Surges Past $105K, Analyst Sees 35% Upside Potential

Bitcoin Price Above $105K: Analyst Predicts 35% Upside Potential in Current Cycle

Bitcoin (BTC) has been trading above the $105,000 mark, and an analyst predicts a 35% upside potential in the current cycle. The analyst believes that Bitcoin could reach a new all-time high (ATH) of $123,000 if certain conditions are met. These conditions include overcoming the $105,000 resistance level, whale accumulation, a reversal in whale transaction activity, and historical monthly returns.

Bitcoin price has been consolidating since mid-November 2024, with multiple new highs being created in the past 78 days. The most recent ATH of $110,000 was set on January 20, 2025. The analyst suggests that the next ATH could form around $123,000, using Fibonacci tool to this trend.

To achieve a new ATH at $123,000 or beyond, the following changes or developments need to occur:

• Bitcoin price needs to overcome the $105,500 resistance level.
• The divergence between retail and institutional investors needs to continue, with retail investors capitulating before the price reaches new highs, while whales accumulate.
• Whale transaction activity, involving transfers worth $100K, needs to pause its freefall and spike again.
• Historical monthly returns, particularly in February, need to remain strong, with an average return of around 15.66%.

Key levels to watch as BTC price drops include $101.5K, $100K, $98.2K, and $96.8K. These levels are good places to accumulate Bitcoin at a discount. Overcoming the $105K resistance level will allow Bitcoin price to revisit the current ATH of $110,000 and set up a new one at $123,000.

Bitcoin's market is showing signs of maturation, with indicators suggesting a potential euphoria phase on the horizon. The price growth of