Crypto market experts name a condition for bitcoin’s growth to $ 108,500

Bitcoin BTC $69,190.24 Mezo Wrapped BTC 0.89% Market capitalization $40.34 million VOL. 24 hours $1.34 billion continues to trade near $ 92,600, showing an increase of about 2.8% over the past day. On the daily chart, there is an inverted head and shoulders technical analysis pattern, which theoretically indicates the possibility of moving to $ 108,500. However, every attempt to break through the key resistance zone is currently failing.

BeInCrypto analysts cite two main reasons why the BTC price breakout above $ 93,700 has not yet occurred. The first is a steady resistance level that the price has not been able to confidently overcome since November 16. Every rise to this level ends in a pullback. The second reason is the weakened activity of large players, or «whales»: the number of addresses holding more than 1,000 BTC has dropped to a one-month low (1,303), which reduces the potential for a strong impulse.

A similar situation was observed in early December, when the price of bitcoin reached $ 93,400, but the number of large wallets decreased, after which the rate fell to $ 89,300. The lack of support from institutional holders makes each breakout attempt less sustainable.

At the same time, analysts note that both factors may change in favor of buyers. Short positions currently prevail on the Binance exchange — the volume of short liquidations over the past 30 days is $ 3.66 billion against $ 2.22 billion for longs. This creates the potential for a «short squeeze» that could trigger rapid growth if BTC consolidates above $ 93,700.

If the levels of $ 93,700 and $ 94,600 are broken through, the way to $ 105,200 and then to the target of $ 108,500 is opened, which means an increase of about 15.7%. However, a drop below $ 80,500 will cancel the bullish formation and could trigger a deeper correction if major players continue to reduce their positions.