Bitcoin has surpassed the $71,000 mark, prompting analyst Egrag Crypto to predict a bullish rally that could take its value beyond $100,000. In the past day, Bitcoin has surged past key resistance levels, reaching its highest point since June. This upward movement has sparked speculation that Bitcoin will continue to rise, driven by technical patterns and increasing institutional demand.
Egrag Crypto, an analyst on X, has highlighted Bitcoin’s breakout from a descending broadening wedge pattern, which confirms the bullish setup. Bitcoin’s retest and rebound off the upper boundary of the wedge further support this analysis. According to Egrag, it is crucial for Bitcoin to maintain a price above $67,100 in order to sustain this bullish trend. Based on the height of the wedge and broader market dynamics, his analysis projects a target range for Bitcoin between $102,000 and $110,000.
Meanwhile, experienced analyst Peter Brandt has offered a similar perspective on Bitcoin’s uptrend. He has focused on a triangle breakout to support his prediction of a potential rise above $94,000, $160,000, and $230,000. Brandt’s analysis identifies an inverted expanding triangle on a semi-logarithmic scale, which has recently shifted from a bearish to a bullish outlook. With Bitcoin now trading above the key resistance level of $69,985, this breakout suggests further bullish momentum. If support above the $70,000 level is maintained, it could pave the way for additional gains, with $94,000 as the next potential target.
Institutional interest in Bitcoin continues to grow, with significant inflows observed in custodial wallets. Ki Young Ju, the CEO of CryptoQuant, has noted that over the past year, 278,000 BTC has flowed into U.S. spot ETFs, largely driven by retail demand. In comparison, 670,000 BTC has flowed into whale wallets, which are characterized by holdings of over 1,000 BTC. Ju has highlighted that institutional demand for custodial wallets is twice that of retail demand, with whale wallets encompassing custodial wallets. His analysis suggests that most ETF custodial wallets hold less than 1,000 BTC, while non-ETF custodial wallets maintain larger balances. This indicates that large entities may be positioning themselves for a potential long-term bullish outlook, as demand typically precedes price surges.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
