Analysts Forecast a Bitcoin Reversal As Large Holders Add 136,670 BTC, Sui Eyes Trendline Breakout 

Cryptocurrency trader JohnnyB has made the forecast that the value of Bitcoin will soon skyrocket to $152,000. He informed his followers that the flagship cryptocurrency had reached its lowest point and was about to rebound.

Santiment data hints at this, showing that large whales have purchased around 136,670 BTC since March 2024. Elsewhere, ZAYK Charts predicts that the Sui price will also break over another resistance trendline. In the event of this, the value of Sui could increase to $2.30.

Bitcoin Bottom Is In, Analysts Predict Price Recovery

In a recent tweet, JohnnyB, a well-known trader, told his followers that Bitcoin has bottomed out. He posted a chart that showed Bitcoin trading around the $88,000 support level. 

JohnnyB’s analysis indicates that the market has established a strong base and Bitcoin is ready for a possible rally to $152,000. Other analysts also support a Bitcoin price rebound. Both ZAYK Charts and Javon Marks point to a possible hidden bullish divergence on the Bitcoin price chart.

A hidden bullish divergence pattern is an indication of a decreasing downward trend, i.e., a decline in selling pressure. Javon Marks predicts that the price of Bitcoin is likely to skyrocket to $126,200 in the near future in case the pattern plays out.

Meanwhile, data from Santiment reveals that the number of wallets holding at least 1 Bitcoin has decreased by 2.2% since its peak on March 3rd of last year. However, a positive trend is seen among the slightly smaller group of wallets holding more than 1 BTC, as this group has added 136,670 BTC. 

This indicates that the number of smaller holders has been declining, but the larger holders have been increasing their Bitcoin. Meanwhile, the Bitcoin price is ranging between $84K and $90K on the weekly chart. 

It is currently testing the $87K after meeting with resistance at higher levels. If this level breaks, the Bitcoin price could drop to the weekly low in the coming days.

Sui Eyes 58% Rally

In a recent tweet, ZAYK Charts noted that the Sui coin has been on a steady decline since October. It has been trading below a resistance trendline, which bulls have failed to break after several attempts. 

The cryptocurrency is currently trading close to the trendline and could climb above it if buying pressure increases. According to TradingView, the Sui price has been trading between $1.30 and $1.50. 

The Sui coin has declined by 5.7% on the weekly chart, a sign of bearish grip. Technical indicators also support the bearish price action. The RSI reading of 42 shows that buying momentum is weak. More buying pressure is needed to force a breakout above the $1.50 resistance. 

Amid the downtrend, the Sui network has recorded some growth. Data from SuiFi shows that the network has flipped BNB and Solana in stablecoin transfer volume this December. Sui has recorded an accumulation of $90 million, signaling high investor interest.

In Summary 

The prices of Bitcoin and Sui could soar to new levels in the coming weeks if bullish momentum increases. On the other hand, selling pressure could lead to a long consolidation phase.