TLDR
- Bitcoin recently climbed to an intra-day high of $88,804, showing its best weekly performance in over two months
- A major Bitcoin whale purchased 2,400 BTC worth $200 million on March 24, 2025
- Open interest in Bitcoin futures jumped by $1.5 billion in 24 hours
- Analyst Axel Adler Jr. predicts Bitcoin could reach $130,000 within 90 days
- Bitcoin’s current price action is viewed as healthy consolidation rather than the beginning of a bear market
Bitcoin (BTC) has shown strong upward momentum in recent days, pushing toward the $90,000 mark as whale activity and institutional interest intensify. Analysts remain bullish, with some setting price targets as high as $140,000 in the coming months.
Bitcoin delivered its best weekly performance in over two months, climbing 4.24% to reach an intra-day high of $88,804. This puts the leading cryptocurrency on a path to test the $90,000 threshold, according to market watchers.
BTC Price
Technical indicators support this bullish outlook. BTC has reclaimed a position above the daily chart’s 200-day exponential moving average (EMA), with a weekly close above $84,600 increasing the likelihood of further gains.
Researcher Axel Adler Jr. suggests that the current price action represents healthy consolidation rather than the beginning of a bear market. According to his analysis of onchain metrics, Bitcoin has not yet entered “overheated” territory in this cycle.
Adler points to Bitcoin’s Investor Price Model, which flashed sell signals twice during 2021 but remains positive now. Using Bitcoin’s cumulative value days destroyed (CVDD), he argues that the market remains in a growth stage.
Based on these metrics, Adler projects that Bitcoin could climb to $130,000 within 90 days. He does note that seasoned investors might take profits once Bitcoin breaches $123,000, potentially putting downward pressure on the price.
Market data shows increasing interest from large players. According to Velo data, Bitcoin’s open interest jumped by over $1.5 billion in a 24-hour period, indicating growing participation in futures markets.
Despite this surge in open interest, funding rates have remained near neutral. This suggests that neither bullish nor bearish traders have taken dominant positions in the market.
Whale Activity Picks Up
Whale activity has also picked up. On March 24, 2025, a major Bitcoin whale purchased 2,400 BTC worth approximately $200 million, according to Arkham Intelligence. This whale now holds over 15,000 BTC, valued at more than $1.3 billion.
In the past hour, the Royal Government of Bhutan has transferred 721.46 $BTC, worth $63.24M, to 3 new wallets.
Addresses:
– bc1qhrxgjgke5uk4yzlxfqkcrd9ala4r9ugqf6u8qfxxnvhuadjalqzshxda7e
– 3EQGh6W3sfKCpqoFjYRRZbBb5NstY7wDAC
– 38FBo1uzi9mbiSricAzcDQ8vM758xd3kne… pic.twitter.com/1TAQrAhMM4— Onchain Lens (@OnchainLens) March 24, 2025
Prior to this year, this same whale had been selling Bitcoin as the market fluctuated between $100,000 and $86,000. The shift to buying behavior signals confidence in further price appreciation.
Another previously dormant whale, inactive since 2017, moved 3,000 BTC valued at $250 million on March 22, 2025. Such movements by long-term holders often precede market shifts.
Institutional interest continues to grow as well. BlackRock, the world’s largest asset manager overseeing $11.6 trillion, acquired 4,054 BTC in just seven days. Their total position now stands at approximately 574,000 BTC, worth more than $50 billion.
From a technical perspective, Bitcoin is currently testing the upper Bollinger Band alongside a descending resistance line. The price is also oscillating within an ascending channel, suggesting potential for a short-term correction to the $86,000-$87,000 range before breaking through $90,000.
Weekend price rallies, like the one seen on Sunday, March 23rd, often occur with lower trading volume as larger market participants step back until weekdays. This can lead to price movements heavily influenced by leveraged trades.
This persistent accumulation by whales and institutions is reducing available supply on exchanges, contributing to the recent 4% price spike. Market sentiment remains optimistic as these large players signal their expectation of Bitcoin’s long-term value appreciation.
