**Bitcoin Bounces Back: Analysts Predict Continued Rally**

Bitcoin has surged over 22% since its August 5 low of around $49,557, with analysts optimistic about further gains. Onchain data reveals a significant drop in Bitcoin supply on exchanges, down 11% since January 1, suggesting traders prefer holding BTC. This trend, coupled with a 43% year-to-date price rise, hints at a bullish outlook.

Institutional interest remains strong, with US-based spot Bitcoin ETFs seeing positive flows in nine of the last 13 trading days. However, CryptoQuant notes a decline in ETF inflows, stressing the need for robust institutional demand to push Bitcoin to new highs.

Whales are also accumulating, adding 94,700 BTC in the past six weeks, aligning with a 13% price increase since July 5. Bitcoin's price has broken out of a bull pennant, a pattern suggesting further upside. Trading above $60,300, Bitcoin could target $68,000 if bulls maintain momentum.

Increased buying in the $58,653 to $60,465 range, where significant previous purchases occurred, supports this positive outlook. As always, investors should conduct their own research before making any decisions.