Bitcoin Price Forecast: $999M ETF Inflows Put $100,000 in Focus

The rounded recoveries in 2015 and 2019 led to breakouts. The recovery after 2022 also gained ground but the later attempt to clear the old high near 40 failed. The current rebound is still too young to resemble those earlier bases.

The demand from ETFs could support the rally in Bitcoin but the ratio will only rise if Bitcoin rises faster than gold. A sustained move above 30-35 would make the case stronger for Bitcoin. A drop below the 12 level would put the broad rising channel at risk and suggest that gold remains strong.

Bitcoin Technical Analysis: $82,300 Breakout Puts $100,000 in Focus

From a technical perspective, the price of Bitcoin has formed a bottom in the support region of $50,000 to $60,000 as discussed in the previous analysis. The price has now broken above the 50-week SMA and is pushing toward the $100,000 area in the short term. A break above $100,000 will likely push the price toward the $135,000 area.

The price has been trading within the broader ascending channel pattern since 2018 and looks poised for a strong move to the upside. The formation of a cup and handle pattern suggests a strong move in the BTC market in the short term. The RSI also remains above the midline and looks poised to gain further upside momentum.