With Bitcoin (BTC) hitting a new all-time high above $125,000, an analyst has noted that the asset is likely to see more momentum, but investors should also expect a correction.
According to analysis by CrediBULL Crypto, the current rally marks the beginning of a broader move toward $150,000 and beyond, though a retracement to lower levels would be both natural and healthy for the market.
In an X post on October 5, the analyst highlighted that Bitcoin is in the early stages of a new five-wave impulse pattern.
Following the initial breakout, a corrective wave could drive prices back toward a key demand zone between $108,000 and $118,000.
This area is identified as a potential accumulation zone where traders who previously shorted the market may be forced to cover, adding strong support.
Additionally, the analyst noted that short-sellers between $118,000 and $108,000 are now trapped after the breakout, making this zone a likely area of significant buying pressure if retested.
Now, any dip into this range would be a “blessing,” while avoiding a pullback could see Bitcoin surge past $150,000.
Whales showing more interest in Bitcoin
On-chain data further supports the possibility of continued momentum as large investors show growing confidence in the asset.
To this end, data shared by Ali Martinez indicates that Bitcoin’s accumulation trend score has climbed to 0.74, reflecting steady balance growth among both new and existing wallets.
The metric, tracked by Glassnode, signals aggressive accumulation when elevated, pointing to rising demand from larger entities.
Bitcoin price analysis
As of press time, Bitcoin was trading at $122,727, up 0.3% in the last 24 hours and 12% higher on the week.
From a technical perspective, Bitcoin remains well above its 50-day and 200-day simple moving averages, confirming a sustained upward trajectory with no immediate signs of reversal.
Meanwhile, the 14-day RSI sits at 68.02, in bullish territory (above 50 but just under the overbought threshold of 70), suggesting solid momentum without exhaustion.
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