- Bitcoin could reach $130K if it maintains support above $110,756, based on the MVRV pricing band model from Glassnode.
- Accumulation zones between $110K and $112K and key resistance at $119,500 are guiding potential breakout levels.
- Subdued capital inflows suggest the market is not yet in a euphoric phase, offering space for further price growth.
Bitcoin is showing signs of further upside after holding above a critical support level. Analysts indicate the cryptocurrency could move toward $130,000 if it maintains support near $110,000. At press time, Bitcoin is trading at $118,147, gaining 0.86% in the past 24 hours.
Technical analysis by the trader known as @Ali_charts points to Glassnode’s MVRV pricing bands as the basis for the $130,000 projection. The model suggests that Bitcoin’s current price is near the +1.5 sigma deviation line. Sustaining support above $110,756 could drive the price closer to the +2.0 sigma range, which aligns with the $130,000 level.
Accumulation Zone Identified Near $110K
Crypto analyst Michaël van de Poppe also outlined a favorable accumulation zone for Bitcoin between $110,000 and $112,000. He mentioned that Bitcoin must remain above $116,800 to fuel a move toward new all-time highs. His analysis identifies $119,500 as a key resistance zone for the next upward test.
Veteran trader Peter Brandt added a longer-term perspective by reiterating Bitcoin’s position as the leading cryptocurrency in the market. While not providing specific price targets, Brandt reaffirmed confidence in Bitcoin’s market role compared to other digital assets.
Subdued Inflows Support Price Stability
Despite the price moving closer to the $120,000 mark, capital inflows have not reached their prior peaks. According to data from Glassnode shared by @Ali_charts, net inflows into crypto over the past 30 days amounted to $82 billion. This remains lower than the $135 billion recorded in December when Bitcoin traded near $96,000.
The comparatively modest inflow level indicates that investor sentiment has not yet entered an overheated state. Analysts view this as a sign that Bitcoin’s rally may still have room to continue before reaching a peak cycle.
Bitcoin’s current market capitalization stands at $2.35 trillion. However, trading volume has dropped significantly to $49 billion, reflecting a 53% decrease. The lower volume aligns with the consolidation phase below $119,500, keeping conditions stable for potential future gains.
