Bitcoin Breaks Resistance as Bulls Charge Toward New ATH
Crypto markets roar back to life as BTC flirts with all-time highs—just in time for Wall Street to pretend they always believed in decentralized money.
FOMO or fundamentals? The rally defies skeptics as institutional inflows hit record levels. Traders pile in while retail investors scramble to catch the wave.
Will this be the cycle where Bitcoin finally shakes off its ’volatile asset’ label? Or another pump before the inevitable correction? Either way, hedge funds are already taking credit.
$109,664, with its current price at $109,549, has risen by 6.5% over the past week, commanding headlines with a $2.17 trillion market cap. The price range of $106,683 to $109,855 suggests a potential strong leap towards the liquidity pool awaiting at $113,000.
ContentsBitcoin Bulls Targeting $113,000Golden Cross Signal May Ignite a Fresh, Intense Rally
Bitcoin Bulls Targeting $113,000
The institutional influx into Spot Bitcoin ETFs is effectively charting Bitcoin’s short-term course. Ecoinometrics’ recent charts show ETF inflows aligning closely with price models. The model is only a few thousand dollars shy of its $115,000 prediction. Spot ETF volumes stand at $47 billion, with successive net purchases from Wall Street funds ensuring constant demand.
As Bitcoin’s market share climbs to 63.3%, it surpasses major altcoins, fostering a conducive environment for continued growth. On-chain data points to a concentration of orders around the $113,000 mark. Surpassing this level could activate a new wave of purchases triggered by algorithmic trading.
If investors’ scenario of “first ETF, then FOMO” unfolds, the $120,000 level may cease to be a psychological barrier.
Golden Cross Signal May Ignite a Fresh, Intense Rally
On the technical analysis front, the popular analyst Doctor Profit scrutinized the Golden Cross pattern flashing on the weekly chart for the third time. The 170% jump from $27,000 in October 2023 to $73,000 and the subsequent 73% rise in October 2024 provide strong evidence of the pattern’s historical performance. This new signal, emerging this month, draws attention with “an 87.8% hit rate in high time frames.”
Historical data indicates that the Golden Cross formation typically results in an average weekly increase between 3.5% to 8.5%. If this statistic holds, a balanced yet brisk rally reaching the $117,000 to $120,000 range over a three to five-month period WOULD not be surprising. Maintaining a price above the $113,000 level could open the door to a season of new all-time highs. Indeed, most analysts fuel excitement in the market with comments that “breath is held, the countdown has begun.”
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.