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Bitcoin

Bitcoin Price Forecasted To Reach $112,000, Here’s The Trigger

Scott Matherson
by Scott Matherson
11 months ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Despite seeing multiple crashes over the last few months, the expectations for the Bitcoin (BTC) price remain incredibly high following a spike in exchange-traded fund (ETF) inflows. Leading this forecast is crypto analyst Micky Bull, who has unveiled another bullish prediction, putting the BTC price above the coveted $100,000 mark.

Bitcoin ETFs Positive Inflow To Trigger Bitcoin Price Surge

The U.S. spot Bitcoin ETFs saw positive inflows of $39.02 million on September 12, 2024, marking a reversal from previous low volumes. Conversely, Ethereum ETFs experienced a net outflow of $20.14 million, with some ETFs registering no change.

Related Reading: Shiba Inu Suffers Major Crash In Whale Activity, Will The Price Follow?
Bitcoin 1
Source: Spot On Chain

Typically, positive inflows occur when the cost basis for ETF investors ( the original value of BTC for tax purposes) exceeds Bitcoin’s current price. According to CryptoQuant CEO Ki Young Ju, the cost basis for “New Custodial Wallets/ETFs” is $62,000, while Bitcoin  is trading at around $57,000, implying that most ETF investors are currently at a loss. 

The convergence of increased ETF inflows, institutional accumulation, and historical patterns has led analysts to agree that Bitcoin (BTC) is on the verge of a significant rally. 

Miky Bull, for example, has raised his Bitcoin price target to $112,000, expressing confidence in the cryptocurrency’s potential to surpass previous highs. According to his post on X, BTC could be set for a parabolic rally, reaching a cycle top in the coming months. His analysis is based solely on historical trends following past Bitcoin halvings.

Bitcoin 2
Source: X

As he stated: “History has indeed prevailed. In Q4 of both 2016 and 2020, post-halving, we witnessed the start of a parabolic rally to a cycle top. Bitcoin is headed for a first target of $112,000 this year.” Thus, by speculation, the recent spike in ETF inflows could serve as a catalyst, influencing investment and adoption.

BTC Will Hit The $65,000 Mark First

Bitcoin’s recent price action has formed an intriguing chart pattern that, if completed, could signal a bullish reversal and propel Bitcoin towards $65,000.  An inverted head and shoulders (H&S) pattern is emerging, suggesting a potential price target of around $65,000. However, this requires a break above the current consolidation zone ($62,000), which could trigger another sell-side liquidity hunt. 

Related Reading: Dogecoin Whales Add 400 Million To Their Stash, Here’s How Much They Hold
Bitcoin 3
Source: TradingView.com

A break above the H&S neckline, which lies at $59,500, could initiate a surge to the top of the range, potentially reaching $65,000 in a second buy-side liquidity run before retracing. However, a break above $65,000 with confirmed volume could lead to a more significant rally, potentially surpassing the previous all-time high to reach the $112,000 mark predicted by the analyst Mikky Bull.

Bitcoin price chart from Tradingview.com
BTC price below $60,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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