Analyst: Bitcoin’s Healthy Volatility Band points to realistic $ 130k target

Bitcoin rose past $ 119k and liquidated $ 475 million in shorts, where analysts say that $ 130k is realistic when the momentum applies.

The price of Bitcoin (BTC) rose on 2 October to a seven-week peak of $ 119,400, because a broader crypto-market experience added around $ 165 billion to the total value of the sector in a single day.

This upward movement, in which BTC has break through the most important resistance levels, with a technical analysis framework that places $ 130,000 as a realistic target for the assets that the current dynamics must hold.

Analyst Eyes Technical Setup as Oktoberrally strengthened

After a period of consolidation under $ 110,000 at the end of September, Bitcoin started a steady climb, first found the $ 112,500 level and then pushed a critical resistance zone near $ 116,500 on 1 October.

This outbreak went a notch during the early Asian trade on 2 October and has taken BTC to the highest point since mid -August. The move ensured that around $ 475 million in short positions were sold, which shows how quickly the market sentiment can change.

Analysts are now looking at this price movement in the light of a positive technical image. According to Market Watcher Axel Adler Jr., the current dynamics of Bitcoin Place the Comfortable within the “STH-MVRV price”, a metric that follows the average profitability of short-term holders.

In the past, the upper limit of this band, which is currently around $ 130,000, has succeeded as a zone where traders tend to take their profit more often. According to Adler, given how the BTC price has been kept firm above its average level since the beginning of 2024, there is every chance of sustainable underlying question that would support the case for extra profit.

“Bitcoin is currently in a state of balance within the established volatility corridor,” the analyst wrote. “Short -term drops under the baseline are quickly purchased and the market structure remains healthy. If the current dynamics persists, a movement to $ 130k seems realistic.”

Market context and historic ridge

The BTC Rally has encountered a background of renewed risk -etlust in financial markets and follows mixed American labor data that investors have anticipating another potential interest rate reduction.

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Data from Coingecko shows that the cryptocurrency has won 3.7% in the last 24 hours during action between $ 114,442 and $ 119,400. For seven days it started to rise 6.2%, although it is somewhat chased the wider cryptomarkt, which rose almost 9% in the same period.

In addition, BTC has added 7.7% in the past month to its value to keep it at a striking distance of its high above $ 124,000 that was set up about two months ago.

The last quarter of the year has been a good period for Bitcoin in the past, and October in particular has a strong track record, with data that demonstrates that it is active this month in a positive area in 10 of the last 12 years. The community is closely maintaining to see if this seasonal trend is going on, and whether the BTC can give sufficient impulse to touch Adler’s goal.