Bitcoin demonstrates signs of a bullish trend, alongside an increase in corporate holders of the cryptocurrency, positively influencing the market.
Bullish 'Cup and Handle' Structure
Bitcoin ($BTC) is showing confirmation of a bullish 'cup and handle' structure on the weekly chart, which could lead to price increases up to $320,000. This formation started developing at the end of 2021 and is considered one of the strongest bullish technical patterns in the history of the crypto market. Analysts point out that the price has already begun to rise, and the target level is significantly above previous historical highs.
Short-term Market Decisions
Despite the overall bullish dynamics, Bitcoin faces a critical level of $106,000. This zone is crucial for maintaining the bullish trend on the weekly chart. A strong close above this threshold is necessary for confirming the bullish scenario. Otherwise, a sustained drop below this level could lead to short-term price declines.
Expansion of Bitcoin Corporate Holdings
The number of companies using Bitcoin as an asset to diversify their balance sheets continues to rise. According to HODL15Capital, the top 100 corporate owners control over 818,000 BTC. Among them, MicroStrategy is the largest non-corporate holder, with 582,000 BTC. The increase in investments from institutional players highlights the growing confidence in Bitcoin as a store of value.
The technical analysis and growth of corporate holdings in Bitcoin indicate a potential bullish trend. However, short-term market factors remain crucial for confirming this growth.
