Bitcoin Price Could Hit $90,000, as Bitwise CIO Says ”Now Is The Best Time To Purchase BTC”

Highlights:

• Bitcoin’s price has decreased 1% to the $86,681 mark, as trading volume plunges 9%.
• A crypto analyst has identified 48 new wallets holding over 100 Bitcoins, indicating growing whale accumulation.
• Bitwise CIO Matt Hougan has said that ‘’now is the best time in history to purchase Bitcoin.’’

The Bitcoin price had plummeted 1% to $86,681, and its trading volume plunged 9% to $25.5 B. This indicates a slight plunge in market activity and investor confidence. Meanwhile, BTC whales have resurfaced, stashing BTC into their wallets. According to crypto analyst Ali Martinez, 48 new wallets now hold over 100 Bitcoins, indicating a rise in investor confidence. 

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48 new wallets now hold over 100 #Bitcoin $BTC, showing rising accumulation among whales! pic.twitter.com/Hkhwm3EPUM

— Ali (@ali_charts) March 26, 2025

Large impacts on Bitcoin price often happen after many high-value Bitcoin holders execute large transactions. Stronger price swings in the market can come from large Bitcoin transactions performed by whales. The recent involvement of Bitcoin whales in a bullish momentum has prompted analysts to predict a positive price direction for Bitcoin. As of the writing of this article, Bitcoin’s price is up almost 15% from its March 10 low of $76,600, now at $86,681.

Additionally, Bitwise’s Chief Investment Officer noted that Bitcoin has its “best historical risk-reward ratio” and should entice institutional and retail investors. This hope is attached to the rise of Bitcoin, institutional participation, and the acceptance of digital currency. As such, investors believe the investment opportunity has become favorable.

NEW: "Now is the best time in history to purchase #Bitcoin on a risk-adjusted basis."

– Bitwise CIO Matt Hougan pic.twitter.com/IfZIUxgXTJ

— Swan (@Swan) March 26, 2025

Bitcoin Price Outlook

The Bitcoin price shows a short-term retracement, having plunged 1.23% to $86,681 as of press time. The sellers are showing strength. However, the bulls have established strong support around the $85,543 mark, coinciding with the 200-day MA. Meanwhile, the king-coin’s trading volume is relatively low, down 9% to $25.5 B.

Low volume decreases liquidity, increasing the odds of sharp price movements. However, as the Bitcoin price still trades below the critical barrier, the potential for volatility remains high.

The Bitcoin daily chart timeframe shows the altcoin trades within a falling wedge channel. However, the king-coin has established a major support at $85,543, giving the bulls some strength to try and break toward the $90,000 mark. Meanwhile, the immediate resistance lies at the $89,575 mark, cushioning the bulls against further upside. If the bulls fail to reclaim the $89,575 mark, Bitcoin’s price may continue its downward movement, potentially retesting the support levels at $83,692, 79,890, and 76,721. 

What Next for Bitcoin: Can BTC Breakout to $90,000 or Trade Sideways?

On the other hand, the RSI indicator sits at equilibrium, showing that neither the bulls nor the bears have the upper hand. In this case, either direction that which the RSI moves will determine the BTC price movement. Meanwhile, a close above this level will tilt the odds towards the bulls. 

Further, if the bulls gain strength and reclaim the $89, 575 mark, they could spark a bullish rally towards the $90,000 mark. A decisive candlestick break above this level could see the bulls target $94,782, 98,901, and 105,872. In the meantime, the current low trading volume suggests uncertainty among market participants. Traders should closely monitor the next few daily candlestick formations to confirm price direction before taking significant positions.

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