Bitcoin fractal, boost in HODLers hints at rally to $120K
Bitcoin (BTC) price broke out from a descending trendline after forming a local bottom at $100,300 on June 6, aiming to retest its all-time high. A Doji candle on the weekly chart indicates indecision among buyers and sellers, potentially signaling a major price move. Analyst Jackis emphasized the need for confirmation of the Doji pattern before predicting upward movement. Trader Krillin noted a fractal pattern suggesting a strong upward move, with historical accuracy of 70–80% for trend reversals. Bitcoin is currently above $106,000, with potential targets of $110,000–$120,000. Market sentiment has shifted toward accumulation, with average spot trading volumes dropping to levels last seen in October 2020. Short-term holders have distributed 592,000 BTC, while long-term holders have accumulated 605,000 BTC, indicating structural support for the ongoing uptrend.
