TLDR
Bitcoin’s price has rallied 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 are forecasting Bitcoin could reach $200,000 or higher based on historical patterns and miner capitulation cycles
Bitcoin needs to reclaim and hold above $65,000 to confirm the bullish outlook
US spot Bitcoin ETFs have seen significant inflows, which could support further price increases
Bitcoin’s recent price rally has reignited bullish sentiment among crypto analysts, with some forecasting potential highs of $200,000 or more in the coming months. The world’s largest cryptocurrency has seen a significant recovery, rallying approximately 21% since its recent low on July 5.
Several technical indicators and on-chain metrics are pointing towards continued upward momentum for Bitcoin.
Glassnode co-founder Negentropic noted that Bitcoin has flipped 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 has rallied ~21% since the low on Friday, July 5th
Various technical levels have been broken in a Bullish manner – and RSI has broken downside Momentum after Bullish… pic.twitter.com/JLPulKpHx6
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) July 18, 2024
The next significant levels analysts are watching are $69,000 and $74,000. Trader Tardigrade identified a bull flag pattern on the daily chart, suggesting a potential move to $74,000. However, Negentropic emphasized that Bitcoin must first reclaim its previous all-time high of $69,000 before confirming a rally to new heights.
#Bitcoin next target: $74,000 
$BTC has formed a Tight Bull Flag on daily chart.
The measuring target from the flag pole is $74k 
pic.twitter.com/Hd8bFeLM4M
— Trader Tardigrade (@TATrader_Alan) July 18, 2024
Despite facing resistance around $65,000, Bitcoin’s price action remains bullish according to chartered market technician Aksel Kibar. He noted that Bitcoin’s reluctance to back off from this resistance level is “very bullish long-term” and could signal a pending breakout.
This is the 5th month $BTCUSD is not backing off from the strong resistance around 65K. I see this as very bullish long-term.
Sticking to a resistance and no intention of selling off is usually a sin of pending breakout. pic.twitter.com/9ajs8yAy07
— Aksel Kibar, CMT (@TechCharts) July 18, 2024
Some analysts are making even more optimistic projections based on historical patterns. Pseudonymous 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 post-halving price increases.
Historically, the end of Miner Capitulation periods following Bitcoin Halvings has led to significant price increases for Bitcoin in the subsequent 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, stated that if Bitcoin moves above and holds $65,000, backed by “consistent institutional inflow,” 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 inflow.
It’s only a matter of time before we see Bitcoin at $100K. pic.twitter.com/f46xvn7SkJ
— Michaël 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 important cycle price action” once it flips the previous all-time high into support.
Everything about #Bitcoin's price action keeps pointing back to cycle 2.
Multiple punches at ATH resistance in 2017, just like we've seen in 2024.
Then after, a support retest that comes before all of the most important cycle price action. (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, amassing $422 million worth of BTC on July 16 alone. Since July 5, over $1.91 billion has flowed into these funds, potentially providing strong support for Bitcoin’s price.
While the overall sentiment is bullish, Bitcoin still faces challenges. The cryptocurrency needs to decisively break and hold above the $65,000 level to confirm the bullish outlook. Additionally, as with all financial markets, unforeseen events or regulatory changes could impact Bitcoin’s trajectory.
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