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

Despite seeing multiple crashes over the previous couple of 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 one other 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.

Source: Spot On Chain

Typically, positive inflows occur when the associated fee basis for ETF investors ( the unique value of BTC for tax purposes) exceeds Bitcoin’s current price. In line with CryptoQuant CEO Ki Young Ju, the cost basis for “Recent Custodial Wallets/ETFs” is $62,000, while Bitcoin is trading at around $57,000, implying that the majority 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 major rally.

Miky Bull, for instance, has raised his Bitcoin price goal to $112,000, expressing confidence within the cryptocurrency’s potential to surpass previous highs. In line with his post on X, BTC could possibly be set for a parabolic rally, reaching a cycle top in the approaching months. His evaluation is predicated solely on historical trends following past Bitcoin halvings.

As he stated: “History has indeed prevailed. In Q4 of each 2016 and 2020, post-halving, we witnessed the beginning of a parabolic rally to a cycle top. Bitcoin is headed for a primary goal of $112,000 this 12 months.” Thus, by speculation, the recent spike in ETF inflows could function a catalyst, influencing investment and adoption.

BTC Will Hit The $65,000 Mark First

Bitcoin’s recent price motion has formed an intriguing chart pattern that, if accomplished, could signal a bullish reversal and propel Bitcoin towards $65,000. An inverted head and shoulders (H&S) pattern is emerging, suggesting a possible price goal of around $65,000. Nevertheless, this requires a break above the present consolidation zone ($62,000), which could trigger one other sell-side liquidity hunt.

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