In the cryptocurrency market, this week opened with a wave of optimism, marked by a 1.23% increase in the total market value, reaching $3.44 trillion. The Crypto Fear and Greed Index stands at 69, indicating prevalent greed among investors. Bitcoin (BTC) 
$76,351, with its current price at $109,549, has risen by 6.5% over the past week, commanding headlines with a $2.17 trillion market cap. The price range of $106,683 to $109,855 suggests a potential strong leap towards the liquidity pool awaiting at $113,000.
Bitcoin Bulls Targeting $113,000
The institutional influx into Spot Bitcoin ETFs is effectively charting Bitcoin’s short-term course. Ecoinometrics’ recent charts show ETF inflows aligning closely with price models. The model is only a few thousand dollars shy of its $115,000 prediction. Spot ETF volumes stand at $47 billion, with successive net purchases from Wall Street funds ensuring constant demand.
As Bitcoin’s market share climbs to 63.3%, it surpasses major altcoins, fostering a conducive environment for continued growth. On-chain data points to a concentration of orders around the $113,000 mark. Surpassing this level could activate a new wave of purchases triggered by algorithmic trading.
If investors’ scenario of “first ETF, then FOMO” unfolds, the $120,000 level may cease to be a psychological barrier.
Golden Cross Signal May Ignite a Fresh, Intense Rally
On the technical analysis front, the popular analyst Doctor Profit scrutinized the Golden Cross pattern flashing on the weekly chart for the third time. The 170% jump from $27,000 in October 2023 to $73,000 and the subsequent 73% rise in October 2024 provide strong evidence of the pattern’s historical performance. This new signal, emerging this month, draws attention with “an 87.8% hit rate in high time frames.”
Historical data indicates that the Golden Cross formation typically results in an average weekly increase between 3.5% to 8.5%. If this statistic holds, a balanced yet brisk rally reaching the $117,000 to $120,000 range over a three to five-month period would not be surprising. Maintaining a price above the $113,000 level could open the door to a season of new all-time highs. Indeed, most analysts fuel excitement in the market with comments that “breath is held, the countdown has begun.”
