Can Bitcoin Price Breakout from Accumulation Range and Hit $104K?

Bitcoin price shows extreme volatility making some analysts question whether BTC will break past its current accumulation level to reach $104K.

A significant price rise combined with fresh Bitcoin futures price gaps reveals that the digital currency could be set to achieve another major movement.

CME Gap and Potential Price Movements

Recent BTC futures developments generated a new price gap between $84,650 and $94,000. The price gap prompted market analysts to discuss potential future market patterns.

The presence of Bitcoin futures gaps serves as market indicators that predict upcoming price movement locations. Market analysts suggest Bitcoin will move back to the gap’s range before the uptrend continues.

Traders are now eyeing a gap between $84,650 and $94,000, suggesting that BTC price could revisit those levels short term before bouncing further to new highs. With this gap, plus an already existing $78,000 to $80,700 and $92,800 to $94,000 CME gap, BTC price may be facing a volatile period.

Weekly Close Above $93,500 Signals Accumulation Phase

Another key point that has led to the belief that Bitcoin is in an accumulation phase was its weekly close above the $93,500 threshold.

As analyst Rekt Capital noted, this level acts as an important support mark, which means that Bitcoin price is maintaining strong market support on this level. This means that the re-accumulation phase remains intact and Bitcoin is preparing to break out of the current range.

A critical level to watch for breaking Bitcoin price out of accumulation will be $104,500. Additionally, Rekt Capital noted that a close above this level would signify a clear breakout from the range and would open the doors for more potential prices.

As analyst Ali Martinez points out, movement in BTC price has shown a close correlation to global liquidity trends, with higher liquidity usually translating into vigorous upward momentum for the cryptocurrency market.

With global liquidity on the rise, it could be more likely that Bitcoin’s price will follow suit and break out toward $104,500.

Source: X

Surge Following Trump’s Announcement

Bitcoin price hit $93,204, an 8% increase after President Donald Trump announced the creation of a U.S. strategic reserve of Bitcoin and top altcoins. Bitcoin trading volumes shot up by 159% after this announcement brought in a wave of optimism for the crypto market.

Meanwhile, Bitcoin open interest grew by an impressive 5.89%, showing a large surge of investor activity and interest in the cryptocurrency.

The announcement has helped to sustain Bitcoin’s price movement, with some analysts speculating that the cryptocurrency could continue to rise and possibly reach the $150K mark by March.

Peter Brandt, a veteran trader, has warned that Bitcoin could face a retracement as a result of the newly formed CME gap. In his comments, Bitcoin is capable of correcting in the short term but will fill the gap and keep going again.

Bitcoin Price Chart Source: X

However, this recent price spike, coupled with the new CME gap, is an indication that BTC price may surge in the coming weeks.

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