Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Tron and Ethereum fight for the USDT top position

2025-05-13

Sui surpasses Solana with $ 11.7 million inflow – more upside down?

2025-05-13

Hyperliquid affects $ 6 billion in open interest while Bitcoin tests $ 105k near price discovery

2025-05-13
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Tron and Ethereum fight for the USDT top position

    2025-05-13

    Stargate brings Cronos closer to the future of Omnichain

    2025-05-13

    Abu Dhabi launches a large project with Agile Dynamics for quantum -safe blockchain

    2025-05-13

    Zimbabwe is turning into blockchain to breathe new life into the trust of the carbon credit of carbon credit

    2025-05-13

    Atlaspad and Arichain unite to stimulate user-friendly and scalable web3 acceptance

    2025-05-12
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    SEC chairman atkins repeats himself to overhaul crypto rules, promises to end ‘Regulation by enforcement’

    2025-05-12

    ‘Bond King’ Jeffrey Gundlach calls a catalyst who can cause an interest rate this year

    2025-05-11

    Concern about Trump’s conflict of interest slows down the progress of a broader crypto policy

    2025-05-10

    The German police interrupt $ 38,260,000 in crypto from Exchanges in the midst of allegations. The exchange has been washed bybit funds

    2025-05-10

    Trump Blackballs Lobby firm about controversy related to his ‘Crypto Strategic Reserve’ Truth Social Post: Report: Report

    2025-05-10
  • Analysis

    Hyperliquid affects $ 6 billion in open interest while Bitcoin tests $ 105k near price discovery

    2025-05-13

    Cardano (ADA) Dips: Temporary correction or start of deeper movement?

    2025-05-13

    The market capitalization of PI Network jumps $ 7 billion like token skyrockets 110% in a week in the middle of market bending

    2025-05-13

    Can the resistance crush and re -design the rally?

    2025-05-12

    XRP performs better than the crypto market with 10% jump if open interest rises beyond $ 5 billion

    2025-05-12
  • Learn

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-09

    What Is Proof-of-Stake (PoS)? A Beginner’s Guide

    2025-05-09

    What Is a Layer-1 (L1) Blockchain?

    2025-05-03

    What is a Layer-2 (L2) Blockchain Network Solution?

    2025-05-02
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Bitcoin»$116,000 goal in sight – here’s why
Bitcoin

$116,000 goal in sight – here’s why

2024-08-20No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
  • Bitcoin has recovered above $60,000, with analysts predicting a possible rise to $116,000.
  • Increased whale transactions and increasing open interest indicate growing market confidence in Bitcoin’s next move.

In recent weeks, Bitcoin [BTC] has struggled to break the $60,000 resistance level and fell below $58,000 on August 15.

However, the cryptocurrency has shown resilience and recovered to reclaim the $60,000 mark and is currently trading at $60,820 as of today.

This represents an increase of 3.9% in the past 24 hours and an increase of 2.4% in the past week, indicating a possible shift in market sentiment.

This price recovery has led to renewed interest and optimism within the cryptocurrency community. Prominent crypto analyst Javon Marks recently shared a technical view on Bitcoin and predicted a significant upward trajectory for the asset.

Marks highlighted a key technical pattern known as the Hidden Bullish Divergence that he believes could push Bitcoin new heights in the coming weeks.

Bitcoin’s Path to $116,000: A Technical Perspective

According to Javon Marks, Bitcoin’s recent price movements to suggest that the cryptocurrency could be poised for a major breakout.

He pointed out that since Bitcoin is still coming out of a major Hidden Bull Divergence pattern, sights may remain set on a return above the $67,559 target.

He added that if Bitcoin were to regain this target, it would be a “huge breakthrough for the next phase of this bull cycle.”

Marks stated:

“With a break and hold above this target, an upside of $116,652 for Bitcoin comes into play, and prices could rise another +72% to reach this target, at an even faster rate than many think.”

Source: Javon Marks on XSource: Javon Marks on X

Source: Javon Marks on X

Marks’ analysis is based on the assumption that Bitcoin’s recent price swings around the $67,559 level for the first time provided a preliminary stage for the next phase of the bull cycle.

See also  According to BitGo CEO Mike Belshe, Another Round of Spot Bitcoin ETF Rejects is Coming – Here's Why

If the cryptocurrency can maintain momentum and break through this crucial resistance again, it could open the door for a surge into the six-figure range.

However, while the technical outlook appears promising, it is essential to consider Bitcoin’s underlying fundamentals to assess the likelihood of such a rally.

Fundamental Analysis: Whale Activity and Open Interest

In addition to technical indicators, Bitcoin’s fundamentals provide additional insight into the cryptocurrency’s future price action. A key metric to keep an eye on is whale activity, which refers to large transactions involving significant amounts of Bitcoin.

Facts from IntoTheBlock reveals that the number of whale transactions above $100,000 has seen a notable increase over the past month. On August 5, these transactions peaked at 23.98k before falling back below 15k.

Currently, the number of such transactions is increasing again and is approaching 15,000 as of today.

Source: IntoTheBlockSource: IntoTheBlock

Source: IntoTheBlock

The increase in whale transactions suggests that large investors may accumulate Bitcoin, which could lead to upward pressure on the asset’s price.

Whales often have the ability to influence market trends, and their growing interest in Bitcoin may indicate confidence in the crypto’s potential for further gains.

In addition to the whale activity, Bitcoin’s open interest, a measure of the total number of derivatives contracts outstanding, has also increased significantly.

According to facts from Coinglass, Bitcoin open interest rose 3.61% over the past day to reach a valuation of $31.38 billion. This increase in open interest is accompanied by a 48.49% increase in open interest volume, which now stands at $55.79 billion.

Bitcoin open interestBitcoin open interest

Source: Coinglass


Read Bitcoin’s [BTC] Price forecast 2024-25

See also  Bitcoin Lightning Network Hacker Launches “Brollups” – Here's More!

The rise in open interest suggests that traders are increasingly betting on Bitcoin’s future price movements, further adding to the bullish sentiment surrounding the cryptocurrency.

However, it would be wise to remain cautious as increased open interest can also lead to increased market volatility, especially if the market moves against the majority of these positions.

Next: Solana DeFi Users Under Attack! Chrome extension targets SOL tokens

Source link

goal Heres sight
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Why push the rate of the US-China 90-day Slash Bitcoin price above $ 110,000

2025-05-13

Metaplanet now contains more bitcoin than El Salvador, focuses on 10k BTC by 2025

2025-05-13

Saylor Hints on more Bitcoin buys as BTC Record is approaching high

2025-05-12

Bitcoin remains undervalued, but taking a profit has begun: this metric says why

2025-05-12
Add A Comment

Comments are closed.

Top Posts

Bitcoin is approaching the Overboughtzone – why the risk of more losses remains high

2025-03-31

The use of sustainable energy rises to a record high of 55%

2024-02-23

Why NFL Alumni Are Turning to NFTs to Support Retired Football Players

2023-10-09
Editors Picks

API Portal from Flare Network joins forces with iSafePal Wallet

2023-06-10

Why Is The Crypto Market Active Today? Bitcoin and Altcoin Analysis

2023-08-24

Why Bitcoin Price Skyrocketed Past $66,500: Key Reasons Revealed

2024-10-15

Tether Gold (XAUT) Price Prediction 2024 2025 2026 2027

2023-12-26

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Tron and Ethereum fight for the USDT top position

Sui surpasses Solana with $ 11.7 million inflow – more upside down?

Hyperliquid affects $ 6 billion in open interest while Bitcoin tests $ 105k near price discovery

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$103,191.150.36%
  • ethereumEthereum(ETH)$2,544.361.55%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.52-1.31%
  • binancecoinBNB(BNB)$651.65-2.50%
  • solanaSolana(SOL)$173.13-1.83%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.226195-3.85%
  • cardanoCardano(ADA)$0.79-3.43%
  • tronTRON(TRX)$0.267142-3.00%
  • suiSui(SUI)$3.96-0.48%
  • chainlinkChainlink(LINK)$16.66-1.75%
  • avalanche-2Avalanche(AVAX)$24.58-1.45%
  • stellarStellar(XLM)$0.304399-5.16%
  • shiba-inuShiba Inu(SHIB)$0.000016-4.52%
  • hedera-hashgraphHedera(HBAR)$0.207463-6.17%
  • hyperliquidHyperliquid(HYPE)$24.88-0.11%
  • the-open-networkToncoin(TON)$3.26-5.85%
  • unus-sed-leoUNUS SED LEO(LEO)$8.631.62%
  • bitcoin-cashBitcoin Cash(BCH)$400.81-2.59%
  • polkadotPolkadot(DOT)$4.99-3.00%
  • piPi(PI)$1.11-11.80%
  • litecoinLitecoin(LTC)$100.16-0.53%
  • moneroMonero(XMR)$338.600.63%
  • pepePepe(PEPE)$0.000014-0.94%
  • bitget-tokenBitget Token(BGB)$4.73-2.08%
  • daiDai(DAI)$1.000.02%
  • ethena-usdeEthena USDe(USDE)$1.000.03%
  • uniswapUniswap(UNI)$6.74-2.99%
  • bittensorBittensor(TAO)$452.36-0.07%
  • nearNEAR Protocol(NEAR)$3.09-3.45%
  • aptosAptos(APT)$5.73-3.41%
  • aaveAave(AAVE)$220.43-0.87%
  • okbOKB(OKB)$54.14-2.04%
  • ondo-financeOndo(ONDO)$1.00-4.14%
  • kaspaKaspa(KAS)$0.119911-0.91%
  • ethereum-classicEthereum Classic(ETC)$19.67-1.57%
  • internet-computerInternet Computer(ICP)$5.60-4.79%
  • crypto-com-chainCronos(CRO)$0.1019941.63%
  • gatechain-tokenGateToken(GT)$21.70-1.64%
  • mantleMantle(MNT)$0.79-1.95%
  • render-tokenRender(RENDER)$5.10-2.02%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.248236-5.15%
  • vechainVeChain(VET)$0.030055-5.30%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.65-5.22%
  • ethenaEthena(ENA)$0.388315-3.31%
  • usd1World Liberty Financial USD(USD1)$1.00-0.23%
  • filecoinFilecoin(FIL)$3.04-3.95%
  • arbitrumArbitrum(ARB)$0.423816-4.86%
  • celestiaCelestia(TIA)$3.180.84%
  • bitcoinBitcoin(BTC)$103,191.150.36%
  • ethereumEthereum(ETH)$2,544.361.55%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.52-1.31%
  • binancecoinBNB(BNB)$651.65-2.50%
  • solanaSolana(SOL)$173.13-1.83%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.226195-3.85%
  • cardanoCardano(ADA)$0.79-3.43%
  • tronTRON(TRX)$0.267142-3.00%
  • suiSui(SUI)$3.96-0.48%
  • chainlinkChainlink(LINK)$16.66-1.75%
  • avalanche-2Avalanche(AVAX)$24.58-1.45%
  • stellarStellar(XLM)$0.304399-5.16%
  • shiba-inuShiba Inu(SHIB)$0.000016-4.52%
  • hedera-hashgraphHedera(HBAR)$0.207463-6.17%
  • hyperliquidHyperliquid(HYPE)$24.88-0.11%
  • the-open-networkToncoin(TON)$3.26-5.85%
  • unus-sed-leoUNUS SED LEO(LEO)$8.631.62%
  • bitcoin-cashBitcoin Cash(BCH)$400.81-2.59%
  • polkadotPolkadot(DOT)$4.99-3.00%
  • piPi(PI)$1.11-11.80%
  • litecoinLitecoin(LTC)$100.16-0.53%
  • moneroMonero(XMR)$338.600.63%
  • pepePepe(PEPE)$0.000014-0.94%
  • bitget-tokenBitget Token(BGB)$4.73-2.08%
  • daiDai(DAI)$1.000.02%
  • ethena-usdeEthena USDe(USDE)$1.000.03%
  • uniswapUniswap(UNI)$6.74-2.99%
  • bittensorBittensor(TAO)$452.36-0.07%
  • nearNEAR Protocol(NEAR)$3.09-3.45%
  • aptosAptos(APT)$5.73-3.41%
  • aaveAave(AAVE)$220.43-0.87%
  • okbOKB(OKB)$54.14-2.04%
  • ondo-financeOndo(ONDO)$1.00-4.14%
  • kaspaKaspa(KAS)$0.119911-0.91%
  • ethereum-classicEthereum Classic(ETC)$19.67-1.57%
  • internet-computerInternet Computer(ICP)$5.60-4.79%
  • crypto-com-chainCronos(CRO)$0.1019941.63%
  • gatechain-tokenGateToken(GT)$21.70-1.64%
  • mantleMantle(MNT)$0.79-1.95%
  • render-tokenRender(RENDER)$5.10-2.02%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.248236-5.15%
  • vechainVeChain(VET)$0.030055-5.30%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.65-5.22%
  • ethenaEthena(ENA)$0.388315-3.31%
  • usd1World Liberty Financial USD(USD1)$1.00-0.23%
  • filecoinFilecoin(FIL)$3.04-3.95%
  • arbitrumArbitrum(ARB)$0.423816-4.86%
  • celestiaCelestia(TIA)$3.180.84%