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Bitcoin (BTCUSD) is consolidating in a narrow range after hitting a fresh all-time high of $98,370, driven by positive sentiment, and is currently trading around $98,010.
Standard Chartered’s Price Prediction
Analysts at Standard Chartered predict that Bitcoin could reach $125,000 by the end of 2024 and $20000 by end of 2025, fueled by strong market momentum and bullish sentiment. Recently, Bitcoin surpassed $99,000, supported by increased institutional interest and positive regulatory changes. Over $4 billion has flowed into Bitcoin exchange-traded funds (ETFs) since Donald Trump's election, showing growing confidence among institutional investors. The general mood in the crypto market remains optimistic, with many believing Bitcoin will soon break the $100,000 barrier, aided by Trump’s supportive stance on crypto.
Increased Whale Activity Signals Confidence
Recently, Bitcoin (BTC) whales have been very active, acquiring over 40,000 BTC in just 96 hours, reflecting strong bullish sentiment. This buying spree represents about $3.9 billion, indicating that large holders are confident in Bitcoin's future price movements. The significant accumulation suggests they are taking advantage of current market conditions to strengthen their positions, pointing to increased confidence within the whale community regarding Bitcoin's prospects.
Strong Inflows in Bitcoin ETFs
Last week, Bitcoin exchange-traded funds (ETFs) saw significant inflows, reflecting strong institutional demand. U.S.-listed spot Bitcoin ETFs attracted over $1.1 billion in net inflows, continuing a positive trend for seven consecutive days. Leading this growth were Ark Invest’s ARKB, which gained about $203 million in inflows, and BlackRock’s IBIT, which attracted around $110 million. This surge indicates renewed institutional interest in Bitcoin, likely influenced by favorable economic conditions like recent interest rate cuts by the Federal Reserve. Overall, ETFs purchased more than 17,000 BTC during the week due to increased buying pressure.
Technical Analysis and Support Levels
BTCUSD trades above the short-term moving averages (34-EMA and 55-EMA) and the long-term moving average (200-EMA) on the daily chart. Minor support is at $95,500; any break below this level will target $90,000, $86,000, $80,000, or $75,800.
Bullish Scenarios and Investment Strategy
In a bullish scenario, the primary supply zone is at $100,000. A break above this level would confirm intraday bullishness, with a potential jump to $110,000. A secondary barrier at $110,000 suggests that a close above this level could target $135,000. Indicators on the 4-hour chart, such as a bullish Commodity Channel Index (CCI) and Average Directional Movement Index, support this positive outlook. An investment strategy could involve buying on dips around $90,000, with a stop-loss set around $84,000 for a target price of $135,000.
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