Key Technical Indicators and Projections
- •Bitcoin is forming a bullish divergence on the daily chart, with higher lows in price and lower lows in the Relative Strength Index (RSI), indicating renewed buying strength and potential upside continuation.
- •The current technical structure suggests a consolidation phase, with projections targeting a 14.5% move towards the $115,000–$126,000 resistance zone.
- •Large holders accumulated 52,503 BTC worth $5.7 billion in October, reinforcing confidence and supporting the prospects of an approaching bullish rally.
Bitcoin appears to be forming a bullish setup on the daily chart, suggesting that prices could be preparing for a potential 14.5% rally toward the all-time high region near $126,296, according to recent technical observations.
Bullish Structure Builds on Bitcoin’s Daily Chart
Analyst Javon Marks noted that Bitcoin’s current market pattern continues to indicate a possible 14.5% climb back to its all-time high near $126,296. The analysis points to a bullish structure developing across the daily timeframe.
Bitcoin is printing a higher low (HL) on the price chart while the Relative Strength Index (RSI) is forming a lower low (LL) — a technical formation known as a bullish divergence. This pattern often appears when selling momentum begins to wane, hinting at renewed buying strength beneath the surface.
Additionally, the chart’s upward-sloping trendline connecting recent lows reflects consistent demand absorption. Buyers have been stepping in earlier during each pullback, suggesting steady market confidence. Such behavior often precedes price acceleration phases, especially when technical confirmation aligns with strong support levels.
Technical Projection Points Toward $115K–$126K Zone
From a projection perspective, holding the current higher low could serve as a foundation for Bitcoin’s next upward impulse. Marks indicated that maintaining this level might drive prices toward the $115,000–$126,000 range, aligning with a well-defined resistance area visible on the chart.
That region is seen as a liquidity pocket, where breakout traders and institutional participants typically increase exposure. Historically, similar setups have preceded Bitcoin’s strongest rallies toward new price peaks.
If momentum indicators confirm — for instance, through an RSI rebound or a decisive bullish breakout above $112,000 — analysts believe the path toward $126,296 could become technically validated. The setup remains dependent on the continuation of current accumulation behavior within this consolidation range.
Whale Accumulation Strengthens Market Confidence
Adding to the optimistic technical outlook, Crypto Patel shared that large Bitcoin wallets holding 10,000–100,000 BTC collectively added 52,503 BTC in October, valued at approximately $5.7 billion.
Such accumulation from high-cap investors typically reflects long-term market conviction. This suggests that larger entities continue to buy Bitcoin during price consolidations and are not selling, which in turn supports the theme of a fresh price expansion phase.
The cumulative effect of bullish divergence, steady buying pressure, and whale accumulation all strengthen the notion that Bitcoin is perhaps setting up for its next major rally. As a result, traders are looking to see if the momentum confirms above $112,000 as it initiates a sustained move towards $126,296 for now.