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

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.

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.

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. 

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.

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image
created
with
Dall.E,
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from
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