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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.