Is Bitcoin Eying the $105,000 Level Amid Bullish Sentiment Hitting a 16-Month High?

Thanks to ignited bullish momentum, questions are being raised as to whether Bitcoin (BTC) is getting ready to hit a new all-time high (ATH) by breaching $73,800 set back in March this year.

Delving deeper into this matter, a market analyst under the pseudonym Crypto Bullet acknowledged that BTC was likely to break this level based on a major leg up.

The analyst pointed out, “Bitcoin’s Massive Bull Flag. It can break out here right away but I’d like to see one last short-term correction before that. Anyway, BTC looks seriously bullish, and the breakout is coming. Breakout target 1 – $86k. Breakout target 2 – $105k.”

Source: Crypto Bullet

If the flag pattern materializes, Bitcoin will hit the $86,000 zone before scaling to $105,000 after retracing.

The leading cryptocurrency recently rose to the $69,000 level based on factors like strategic favorability. U.S. presidential candidate Donald Trump pointed out that he would roll out a national strategic Bitcoin reserve and that the government wouldn’t sell any BTC in its holdings if he rose to office.

Bitcoin Accumulation Goes Through the Roof

According to market analyst Ali Martinez, large entities have been holding Bitcoin at a high rate, given that the BTC Accumulation Trend Score stood at 1.

Source: Glassnode

This, coupled with the fact that Bitcoin’s bullish sentiment recently reached a 16-month high, has also set the ball rolling for an uptrend.

Leading on-chain metrics provider Santiment acknowledged, “Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month. The ratio of positive vs. negative comments toward BTC has launched to its highest level since March, 2023 as an all-time high is back on radars.”

Source: Santiment

Renowned Bitcoin advocate, Samson Mow, shared similar sentiments that “super bullish” news were on the offing for the top cryptocurrency.

However, it remains to be seen how the FOMC meeting scheduled for July 30 and 31 progresses, even though the Federal Reserve is expected to keep the present interest rates at 5.25% to 5.50% based on broader economic and inflation concerns.