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TLDR
Bitcoin’s price is up about 21% since a recent low, breaking through several technical levels Analysts expect Bitcoin to push higher, with potential targets of $69,000 and $74,000 Some analysts predict Bitcoin could reach $200,000 or higher based on historical patterns and capitulation cycles of miners. needs to reclaim and hold above $65,000 to confirm bullish outlook US spot Bitcoin ETFs have seen significant inflows, which could support further price gains
Bitcoin’s recent price rally has revived bullish sentiment among crypto analysts, with some predicting potential highs of $200,000 or more in the coming months. The world’s largest cryptocurrency has seen a significant recovery, up about 21% since its recent low on July 5.
Several technical indicators and on-chain statistics point to continued upward momentum for Bitcoin.
Glassnode co-founder Negentropic noted that Bitcoin has turned several key levels into support, including the 200-day exponential moving average (EMA) at $58,448 and the $62,600 area embraced by both the 50-day and 100-day EMAs.
BTC’s push higher continues!
Despite a lot of bearishness 2 weeks ago – and a large supply of BTCs – #Bitcoin is up ~21% since the low on Friday, July 5th
Several technical levels were broken in a Bullish way – and RSI broke downside Momentum to Bullish… pic.twitter.com/JLPulKpHx6
— Negentropic (@Negentropic_) July 18, 2024
The next significant levels that analysts are watching are $69,000 and $74,000. Trader Tardigrade has identified a bull flag pattern on the daily chart, suggesting a potential move to $74,000. However, Negentropic emphasized that Bitcoin must first regain its previous record high of $69,000 before confirming a rally to new highs.
#Bitcoin next target: $74,000 🔥$BTC has formed a Tight Bull Flag on the daily chart. The measurement target from the flagpole is $74k 🚀 pic.twitter.com/Hd8bFeLM4M
— Trader Tardigrade (@TATrader_Alan) July 18, 2024
Despite resistance around $65,000, Bitcoin’s price action remains bullish according to chartered market technician Aksel Kibar. He noted that Bitcoin’s reluctance to pull back from this resistance level is “very bullish long-term” and could indicate a pending breakout.
This is the 5th month that $BTCUSD has not retreated from the strong resistance around 65K. I see this as a very bullish long term.
Staying at a resistance and not intending to sell is usually a sin of pending breakout. pic.twitter.com/9ajs8yAy07
— Aksel Kibar, CMT (@TechCharts) July 18, 2024
Some analysts make even more optimistic projections based on historical patterns. Pseudonym analyst Cryptonary pointed to Bitcoin’s miner capitulation cycles, suggesting that the end of the current capitulation period could lead to a price peak of $223,000. This projection is based on an exponential decay model and historical price increases after halving.
Historically, the end of Miner Capitulation periods after Bitcoin Halvings have led to significant price increases for Bitcoin in the following months and year.
The Hash Ribbon metric suggests that Bitcoin bottoms out when miners capitulate due to high mining costs and/or… pic.twitter.com/6CiDVyKM7i
— Cryptonary (@cryptonary) July 17, 2024
Michael van de Poppe, founder of MN Capital, said that if Bitcoin moves above and holds $65,000, backed by “consistent institutional inflows,” it could climb to $100,000.
The largest amount of net inflow for #Bitcoin since the end of June!
Despite the negative news, Bitcoin’s price is stable at $65K with consistent institutional inflows.
It’s only a matter of time before we see Bitcoin at $100K. pic.twitter.com/f46xvn7SkJ
— Michael van de Poppe (@CryptoMichNL) July 17, 2024
Meanwhile, independent analyst Cryptocon drew parallels between the current market structure and previous cycles, suggesting that Bitcoin could be preparing for “the most significant cyclical price action” once it turns the previous all-time high into support.
Everything about #Bitcoin’s price action continues to point back to cycle 2.
Multiple strikes against ATH resistance in 2017, just like we saw in 2024.
Then after that, a support retest that comes before all the major cyclical price actions. (green boxes)
I don’t know about you, … pic.twitter.com/lDAEdE6VAk
— CryptoCon (@CryptoCon_) July 16, 2024
Supporting these bullish projections are significant inflows into US spot Bitcoin ETFs. Data from Farside Investors shows that these ETFs saw their highest day of inflows since early June, collecting $422 million worth of BTC on July 16 alone. Since July 5, more than $1.91 billion has flowed into these funds, potentially providing strong support for Bitcoin’s price.
Although the overall sentiment is bullish, Bitcoin still faces challenges. The cryptocurrency must definitely break and hold above the $65,000 level to confirm the bullish outlook. Additionally, as with all financial markets, unforeseen events or regulatory changes can affect Bitcoin’s trajectory.
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