Will Bitcoin price hit $130K in 90 days? Yes, says one analyst

Bitcoin (BTC) delivered its best weekly performance in over two months, climbing 4.24% to an intra-day high at $88,804. BTC also reclaimed a bullish stance on the charts, closing above the daily chart’s 200-day exponential moving average (EMA).

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

With a weekly close above $84,600, the likelihood of BTC testing $90,000 increases. However, BTC price must overcome the descending resistance level to make a sustainable move at the range highs.

Bitcoin researcher Axel Adler Jr. explained that based on onchain metrics, the current price cycle reflects a healthy consolidation rather than the beginning of a bear market. Adler Jr. noted that BTC has not yet entered “overheated” territory in this cycle, as indicated by BTC’s Investor Price Model. 

This metric flashed a sell signal twice during 2021, and the model incorporates the realized cap, thermo cap, investor price, and Bitcoin supply. 

Using Bitcoin’s cumulative value days destroyed (CVDD), Adler argued that the market remains in a “growth stage.”

Bitcoin cumulative value days. Source: adlercryptoinsights / Substack

The CVDD metric monitors selling activity among long-term holders. The current bull cycle (2024-2025) triggered a sell signal just once, back in March 2024. In a Substack article, Adler said:

From the above analysis, Adler Jr. predicted that Bitcoin could climb to $130,000 within 90 days.

Related: Bitcoin must reclaim this key 2025 level to avoid new lows — Research

According to Velo data, Bitcoin's open interest (OI), representing the total value of outstanding futures contracts, jumped by over $1.5 billion in the last 24 hours.

Meanwhile, the funding rate, which reflects the cost of holding leveraged positions, stayed near neutral. This suggests that neither bullish (long) nor bearish (short) traders were dominantly in control.  

Bitcoin price and aggregated open interest. Source: Velo.chart

Bitcoin experienced a surge in upward momentum late on Sunday, March 23rd. Weekend price rallies like this often occur with lower trading volume, as larger market participants tend to step back until the start of the week. In such a scenario, leveraged trades amplifying the action could heavily influence the price movement.

In an X post, anonymous crypto analyst IT Tech PL also pointed out the OI level rise after BTC exceeded $87,500. However, the analyst added:

Bitcoin 4-hour chart. Source: Cointelegraph/TradingView

From a technical perspective, Bitcoin registered a new high at $88,750 over the previous week’s top. However, as the chart exhibited, the price tested the upper Bollinger Band alongside the descending resistance. Additionally, BTC is also oscillating within an ascending channel.

Based on the above confluence, BTC could witness a short-term correction to test the demand zone around $86,000-$87,000 before breaking through the $90,000 threshold.

Related: Michael Saylor’s Strategy surpasses 500,000 Bitcoin with latest purchase

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.