Whales Could Push Bitcoin To A New All-Time High And Ignite An Altseason Despite Key Obstacles
By: cointribuneen|2025/05/09 01:01:31
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Profit-taking by large cryptocurrency wallets occurs at a time of growing BTC dominance, increasing institutional capital interest, and a chart movement similar to what preceded the early November rally, when Donald Trump won the U.S. presidential election. Despite the strengthening narrative of BTC as a store of value, the same Trump is putting Bitcoin’s resilience to the test, as the Republican insists on his tariff war while pressuring the Federal Reserve (Fed). Bitcoin was trading sideways around $96,400 amid optimistic projections but without a volatility catalyst . This is because the Federal Reserve (Fed) decided to keep the annual benchmark interest rate in the United States unchanged, disappointing bulls and bears alike. On X this week, Ali Martinez signaled that the bitcoin rally may have been postponed by the unloading of large cryptocurrency wallets, a move that could trigger a buyback. Rekt Capital, for his part, believes that bitcoin’s market dominance could reach 71% in the coming months and favor the recovery of bitcoin’s all-time high of $110,000 before profit-taking through the altcoin buying season (altseason). The expert also considered recent chart patterns that set Bitcoin toward targets reaching $110,000. Digital gold Rekt Capital’s analysis can be considered modest compared to a recent report released by Standard Chartered, which does not rule out the possibility of bitcoin reaching $120,000 in the first half of the year. In this case, the British bank works with liquidity outflows from the United States, partially towards BTC, seen as “digital gold.” The document signed by the head of digital asset research, Geoffrey Kendrick, also highlighted accumulation by whales and net capital inflow to bitcoin-based exchange-traded funds (ETFs). Obstacles in Bitcoin’s path On the other side, Trump imposed this week a 100% tariff on films produced outside the United States. The measure, which caused market sourness, precedes the decision of the Federal Open Market Committee (FOMC), the decision-making body for the Fed’s interest rate, which may not necessarily represent a trigger for bitcoin’s rise and thus delay short-term optimistic forecasts. Moreover, BTC still faces the risk of being considered illegal in Europe .
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