Bitcoin’s Bullish Megaphone Signals a Potential Breakout to $130,000

Recent Bitcoin price action has exhibited bullish signs, with the cryptocurrency forming a potential breakout pattern towards its target of $130,000. Several key indicators suggest increasing strength as it continues to climb. 2.4 million BTC is currently held in exchange reserves, signifying strong demand and low supply. The shrinking of exchange reserves signals that investors are holding onto their assets for the long term. This behavior further strengthens a bullish outlook, as reduced liquidity on exchanges creates a supply-demand imbalance, pushing prices higher.