Bitcoin (BTC) Approaches Potential Trendline Breakout, Could Surge to $95,000, with Long-Term Target Extended to $110,000
Bitcoin has surpassed $87,000, marking the beginning of this week’s bullish trend. In the last 24 hours, the leading cryptocurrency surged nearly 4%. This bullish recovery has already broken through the 200-day EMA series and is testing a long-standing resistance trendline. Will this short-term recovery lead to a breakout rally, pushing Bitcoin to the $95,000 level?
Bitcoin Price Analysis Signals Potential Breakout Rally
On the daily chart, the BTC price trend shows signs of a V-shaped reversal. The recovery started from the recent low of $76,600, marking an almost 14% recovery rate.
According to Fibonacci levels, the recovery has retraced 61.80% of the Fibonacci level, reaching $86,146. Currently, Bitcoin is trading at $87,182, marking its second consecutive bullish candle.
In the positive trend, the daily RSI line shows a bullish momentum surge as it rises above the midline. Additionally, the short-term recovery hints at a positive crossover between the recently converged 20-day and 200-day EMA lines.
However, due to the negative crossover between the 50-day and 100-day EMA lines, the medium-term trend remains negative.
Arthur Hayes Predicts Bitcoin Will Reach $110,000
In the ongoing recovery, Bitmex co-founder Arthur Hayes predicts that Bitcoin will reach $110,000 before retracing to crucial support at $76,500. Hayes expects that this bullish rally is driven by the Federal Reserve’s shift from quantitative tightening (QT) to quantitative easing (QE) on U.S. Treasury bonds.
He dismisses the ongoing trade wars, calling them “temporary inflation” in the global market.
I bet $btc will be $110k before it re-tests $76.5K.
Yes? The Fed is switching from QT to QE bonds. Tariffs are irrelevant and lead to “temporary inflation.” Jaypow told me.
I’ll elaborate on this in the next post, which will be your Tiktok peanut brain TLDR.
– Arthur Hayes (@cryptohayes) March 24, 2025
Metaplanet Adds More BTC
Metaplanet, previously known as MicroStrategy, recently added $12.6 million worth of Bitcoin to its holdings. This move follows an appointment to Eric Trump’s advisory board.
Metaplanet now holds 3,350 BTC, worth $291.3 million. With institutional support and favorable macroeconomic conditions for Bitcoin, the upward trend may continue to gain momentum.
Metaplanet acquired another 150 BTC, now holding 3,350 BTC
pic.twitter.com/sakdkwHSQZ
– Metaplanet Inc. (@metaplanet_jp) March 24, 2025
Market Takes a Hold Position
On the network front, crypto analyst Ali Martinez pointed out that there has been a significant change in Bitcoin’s transfer volume. Over the past month, the total transfer volume has nearly halved, dropping from $87 billion to $42 billion.
This decline in transfer volume is crucial, indicating a shift in market sentiment towards a holding position.
Bitcoin Price Target Extended to $95,000 in the Short-Term
Bitcoin’s immediate target is the 78.6% Fibonacci level, approaching $95,000, representing a 10% potential upside. On the downside, the key support level is $85,000, near the 200-day EMA line.
