Bitcoin 
$97,299 is once again in the spotlight following BlackRock’s spot ETF application and rising institutional interest. With the U.S. national debt nearing $35 trillion, analysts suggest that this could make Bitcoin more appealing to institutional investors. Notably, renowned crypto analyst Mihir forecasts that if Bitcoin breaks out of its years-long consolidation pattern, it could surge to $120,000.
Mihir’s $120K Bitcoin Prediction
Popular crypto analyst Mihir shared his insights on Bitcoin’s current price movements via the social media platform X. He noted that Bitcoin has formed a “cup and handle” pattern on its annual chart, suggesting a significant upward movement could occur if the pattern completes.
The “cup and handle” formation is characterized by a rounded bottom followed by a downward consolidation below a horizontal resistance level. Confirmation of this resistance level as support signifies the completion of the pattern. Mihir’s prediction implies that this model could propel Bitcoin’s price to $120,000.
BlackRock: Institutions May Turn to Bitcoin
Since BlackRock’s spot ETF filing in June 2023, Bitcoin has gained traction in traditional financial circles. Amid recession concerns and fears of a weakening U.S. dollar, BlackRock highlighted potential worries stemming from the approaching $35 trillion U.S. debt. The firm suggests that this burden could direct institutional investors toward Bitcoin.
Due to Bitcoin’s recent six-month consolidation, there has been a decline in spot ETF inflows. However, the recorded inflow of $886 million in July marked the highest in the last two months. According to SoSo Value data, total net inflows into spot Bitcoin ETFs have reached $17.69 billion since the launch on January 10.
On-chain data provider Santiment indicates that wallets holding between 100 to 1,000 and 10,000 to 100,000 BTC are accumulating Bitcoin. These ranges often exceed average investor portfolio sizes, classifying these groups as professional investors. Individual crypto investors closely monitor these so-called “smart money” entities, which play an active role in determining market trends.
Investors holding 100 to 1,000 and 10,000 to 100,000 BTC previously accumulated before past bull markets and took profits near peaks. The renewed accumulation of Bitcoin by these investors signals significant bullish expectations. Historical data shows that Q4 has been a bullish period for Bitcoin, averaging a 98% return. This aligns with analysts’ predictions that Bitcoin could reach $120,000.
Overall, Bitcoin’s outlook appears positive as the fourth quarter approaches. Upcoming presidential elections and increasing institutional demand are viewed as factors that could push Bitcoin’s value above $100,000. Analysts and on-chain data suggest signs of accumulation by major investors, indicating that a substantial price increase may be imminent.
