Bitcoin’s Next Stop: $107K? Three Catalysts Fueling the Rally

Institutional FOMO meets supply shock—BTC’s perfect storm brews.

1. Halving Hysteria: Miners’ rewards just got slashed in half. History says price follows scarcity—just ask the 2012 and 2016 playbooks.

2. BlackRock’s Backing: Wall Street’s stamp of approval via spot ETFs funnels billions from boomers who still think ’crypto’ is a type of microwave.

3. Macro Melt-Up: With the Fed printing excuses (and dollars), hodlers ditch 2% bonds for digital gold.

Will it actually hit six figures? The charts say maybe. Your fund manager’s ’diversified portfolio’ says pray.

Bitcoin has sailed smoothly past the market drawdown, holders reaping the rewards

Source: Glassnode

In a Glassnode Insights post, the MVRV Bands around the 1.74-level was highlighted as a level that has acted as support. BTC’s drawdown during the August 2024 yen carry trade unwind halted at this level.

The MVRV bounced off the 1.74-level after testing it on 8 April, hitting 2.14 at press time. This showed that Bitcoin has survived another reset and reflected bullish conditions once more.

Source: Glassnode

Similarly, the percent supply in profit oscillator also recorded a bounce from its long-term mean at 74.8%. This metric displays whether coins are at a profit or loss, compared to their cost basis. The bounce of the past two weeks reflected the August-September 2024 trend.

At press time, the 7DMA of percent supply in profit was at 87% – Another indication of bullish investor expectations.

Source: Coinglass

The 6-month liquidation heatmap revealed that the liquidity pockets to the south were scant. The major levels were $83k and $74.1k, a long way away from the market price. To the north, the $100k, $106.8k, and $110.2k seemed to be the next noteworthy magnetic zones.

At press time, the $96.6k liquidity cluster had already been swept up as the price broke out of a short-term range formation.

Source: BTC/USDT on TradingView

This breakout came alongside high trading volume. The $95.4k level might see a retest, which would provide swing traders a buying opportunity.

If the on-chain clues prove right and the market reset is over, expect a BTC surge beyond $100k in the coming days.