3-5-2025 – Bitcoin has stormed past $96,000 in a breathtaking 24-hour surge, fuelling speculation that the cryptocurrency is on the cusp of conquering six-figure territory. This rally has shattered a crucial on-chain resistance band between $93,000 and $95,000, a zone analysts regard as pivotal in determining whether Bitcoin can sustain its upward trajectory. The breakthrough has galvanised the market, with traders eyeing the prospect of new milestones in the world’s leading digital asset.
The $93,000 to $95,000 range is a hotspot of activity, as Glassnode’s on-chain data reveals. Bitcoin is currently navigating two significant barriers: the 111-day simple moving average, now at $91,300, and the short-term holder cost basis, positioned at $93,200. This region is laden with coins purchased during earlier market dips, leaving many investors close to breaking even. Such proximity could spark sell-side pressure, as some traders may opt to secure profits or exit positions. Yet, Bitcoin’s price has shown tenacity, establishing a higher high compared to its early May peak of $94,000, effectively dismantling the downtrend that persisted since April. This shift hints at a market entering a phase of vigorous accumulation.
Adding gravitas to the bullish sentiment is the analysis of seasoned trader Peter Brandt, who foresees Bitcoin scaling unprecedented heights, potentially reaching $150,000 by August or September 2025. In a post on the social media platform X, Brandt shared a weekly candlestick chart, spotlighting a parabolic trendline that has capped Bitcoin’s price surges since 2021. His projections rest on Bitcoin breaching a critical resistance around $120,000, which could propel it towards a cycle peak between $125,000 and $150,000. Brandt’s chart, adorned with technical patterns such as head and shoulders, expanding triangles, and consolidation wedges, reinforces his view that the bull market remains robust, particularly after Bitcoin’s recent breakout from a wedge formation.
Long-term holders, meanwhile, are displaying unwavering resolve. Glassnode reports that over 254,000 BTC have surpassed the 155-day mark since Bitcoin’s latest low, with many of these coins snapped up above $95,000. These steadfast investors, enjoying realised profits exceeding 350%, are contributing to a growing pool of maturing supply, underscoring confidence in Bitcoin’s enduring value. As of now, Bitcoin trades at $96,722, with the $93,000 to $95,000 zone emerging as a critical battleground. The coming months will reveal whether Bitcoin can maintain its momentum and realise Brandt’s ambitious forecast of a $150,000 pinnacle.