Bitcoin Builds Momentum as Bulls Eye Breakout Beyond $98K

After weeks of quiet trading, Bitcoin is showing renewed strength, stirring hopes of a run toward the elusive $100K mark.

Traders who’ve weathered the recent sideways grind are now eyeing early signs of a breakout, supported by both historical patterns and fresh investor behavior.

One of the more telling metrics, the MVRV ratio, recently rebounded from a level that has, in the past, preceded major rallies.

This same setup was seen earlier in 2024, just before a sharp rise in prices during the unwind of yen-related trades. If history is any guide, Bitcoin could be on the verge of repeating that explosive move.

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Meanwhile, on-chain data suggests serious money is backing this shift. A large cluster of BTC—worth more than $61 billion—was accumulated between $95K and $97K. If holders resist the urge to sell, this zone could become a launchpad rather than a ceiling.

Psychology is now in play. Greed, not fear, may dominate decision-making if investors expect higher returns ahead. With strong hands below and momentum building, a move toward $98K might not only be possible—it could be just the beginning.

Alexander Stefanov