Bitcoin Price Set for 34% Rally As Selling Pressure Fades, $150K Next?

Bitcoin (BTC) price is back in focus after a quiet but powerful week. With whale wallets moving large chunks of BTC off exchanges and social sentiment staying bullish, the stage could be set for the next leg up.

The current Bitcoin price is hovering near $118,000, but signs point to a possible 34% rally toward $159,000.

Whale Outflows Ease Selling Pressure

In the last 24 hours, over 2,000 BTC were moved off major exchanges like Coinbase, Kraken, and Bitget. These are not small retail trades; each transfer exceeded $50 million.

This kind of outflow usually signals that big players aren’t looking to sell now. Instead, they’re likely moving Bitcoin into cold storage or over-the-counter deals, which keeps the supply off regular markets.

A transfer of 1,130 BTC from Coinbase and another 512 BTC from Kraken were spotted by Whale Alert. Analysts believe these aren’t panic moves.

This trend hints at “classic whale repositioning,” movements that reduce selling pressure and show confidence in long-term holdings.

These moves are in sync with the current Bitcoin prediction that large holders are preparing for more upside, not downside.

Exchange Reserves Hit New Low

According to CryptoQuant, Bitcoin held on all exchanges has dropped to just over 2.4 million BTC. That’s close to the lowest level in a month.

In simple terms, fewer coins are available to be sold on the market, despite all the selling pressure crypto Twitter (X) keeps talking about.

When exchange reserves fall, it usually means investors are withdrawing their BTC to hold for longer.

This trend adds pressure on supply. So if demand goes up even slightly, like from new ETF flows or macro tailwinds, the Bitcoin price could quickly spike.

The current BTC price is holding strong even after a recent surge. This kind of steadying above previous resistance is another bullish sign. Many traders view it as a setup before the next leg up.

Whale Transactions Drop, Reducing Dump Risk

Another sign of stability is the drop in whale transaction count. Santiment data shows that the number of Bitcoin transactions above $1 million has sharply declined from its peak last week.

These big movements often lead to volatility, so their decline is a good thing.

When whale activity cools down, it usually means there’s less short-term speculation and more long-term confidence.

This reduces the chance of a sudden dump and supports a slow grind upward. It also keeps retail investors from panicking, which can hurt the Bitcoin price during shaky times.

Sentiment-wise, traders are still optimistic. X and Telegram chatter continues to lean bullish. The excitement around Bitcoin ETFs and lower interest rates from the Fed is helping the narrative.

Bitcoin Price Analysis and 34% Fibonacci Target

The Bitcoin price is now holding just above the $118,171 level, which is above the 0.5 Fibonacci extension lines based on the swing from $74,422 to the previous all-time high of $113,000, and then a retracement to $98,402.

This is important because the Bitcoin price has a habit of bouncing from this level during strong trends.

If momentum continues, the next major resistance comes at $121,601 (0.618 Fib), then $127,907 (0.786 Fib), and finally $135,940, which was the previous high.

But the bigger story is the 1.618 Fibonacci extension, which lands at $159,138. That marks a possible 34% rally from current levels.

Although the rally is not guaranteed, the numbers and on-chain data support the case.

For now, as long as Bitcoin holds above the $117K zone, bulls remain in control. A break below $112K could invalidate the bullish setup, but that seems unlikely unless macro conditions change fast.