3 Reasons Bitcoin Price Could Breakout this Week, Expert Opinions

Key Insights:

• The most important level for Bitcoin price is $116,963 as per experts.
• Next targets at $123,000 and $131,000, could be achieved.
• Metaplanet added 755 BTC valued at $93 million.

This week, Bitcoin could be headed for a price jump but this depends on the buyers’ capability to sustain momentum between the $123,000 and $131,000, Donald D Jeans said on X.

Last week’s events were impactful for the Bitcoin markets thanks to the release of positive economic data, closing down of the XRP lawsuit, spot Ethereum ETF clocking $1 billion in net inflows and Grayscale filing for a Dogecoin ETF. As a result, various cryptocurrencies including Bitcoin and Ethereum tested new all-time highs.

At the time of writing, Bitcoin (BTC) price trades at $115,178 after shedding 2.4% over the last 24-hours and 3.1% over the last 1 week. Read on to explore catalysts that could make or break Bitcoin’s price this week, according to expert opinions and predictions.

The Most Important Level for Bitcoin Price is $116,963, Expert Says

According to the UTXO Realized Price Distribution, a metric that measures the prices when a cryptocurrency was last spent, the most important level for Bitcoin’s price is $116,963, suggested a Glassnode’s chart highlighted by expert analyst Ali Martinez.

This means there’s a large concentration of cost-basis cluster at this price point, and in the near-term, acts as resistance level. Historically, such a level creates selling pressure because most holders have reached break-even and may want to exit their positions without loss.

However, sustaining buyer momentum past this level could easily flip the resistance into a major support level. The reason for this is most of the holders who entered at that price point will be incentivized if they can sustain an upward push.

Next BTC Price Targets at $123,000 and $131,000, Predicts Donald Dean

Based on Fibonacci extensions, Bitcoin price aims for $123,000 and $131,000 as its next target, said Donald Dean. According to the expert economist, these two levels represent the Fibonacci retracement level and the golden ratio, respectively.

The current price level, which is presently acting as a volume shelf, is a potential launch area for a massive rally but depends on whether Bitcoin will successfully complete retesting the previous breakout trendline that pushed it to the ATH.

The $131,000 is an important metric in Dean’s analysis because it represents the Golden Ratio, a crucial metric that denotes the 1.618 Fibonacci extension and often a natural price target in the face of strong bull runs.

Japanese crypto treasury firm Metaplanet acquired an additional 755 Bitcoin. It was valued at approximately $93 million as institutions rush to accumulate the world’s largest cryptocurrency.

Apparently, individual holders and institutions noticed the price correction from $124,000 t0 $113,000 as a way of taking advantage of the dip to acquire the top digital asset at a discount.

The latest purchase acquired each Bitcoin at an average price of $120,217.66. This brings Metaplanet’s total Bitcoin holdings to 18,888; all purchased at an average price of $102,04.21.

Meanwhile, trader and analyst Daan Crypto Trades pointed out that Bitcoin is yet to deliver a green back-to-back bull rally. According to the analyst, bull markets tend to have a correction just before the start of Q4. Soon after that markets launch to an explosive cycle top.

During previous bull markets, Bitcoin has produced an average gain of 1.8% in August. This August, the gain stands at 2.1% which is higher than the average, as per data by CoinGlass. On average, September has delivered a price drawdown of 3.8%.