"See you at $150,000": why analysts believe in the further rise of Bitcoin

Bitcoin surpassed $112,000, setting a new historical maximum on July 9. The breakout occurred after two weeks of sideways movement, during which many analysts doubted the ability of the first cryptocurrency to exceed the May record.

The goal is $150,000

"See you at $150,000," wrote Milk Road co-founder Kyle Reidhead on social media X (Kyle Reidhead). His forecast is based on the "cup and handle" technical pattern that he identified at the end of June.

1-week chart BTC/USD. Analytics: Kyle Reidhead

The mood is improving

The Fear and Greed Index in the cryptocurrency market jumped by 5 points to a level of 71 out of 100, which corresponds to the "greed" zone. The indicator has returned to levels from 30 days ago.

Fear and Greed Index. Source: alternative.me

The CoinMarketCap altcoin season index still indicates Bitcoin's dominance with a score of 26 out of 100, which is characteristic of a "Bitcoin season."

Altcoin season index chart. Source: CoinMarketCap

Institutional factor

eToro analyst Josh Gilbert (Josh Gilbert) highlighted the role of institutional investors: "This is the first real bull market with active participation from institutions." In July alone, the inflow of funds into American spot Bit ETFs amounted to approximately $1.04 billion according to Farside.

Coinstash co-founder Mena Theodorou (Mena Theodorou) agreed with the assessment: "It is clear that this momentum is driven by institutions, not retail investors." He noted the resilience of Bitcoin against trading tensions and geopolitical risks.

A Surprise for the Bears

The breakthrough caught many market participants off guard. Just the day before, Bitfinex analysts had warned of trader caution and the weakness of bitcoin below its historical high.

Short position liquidations amounted to $470 million in the last 24 hours according to CoinGlass data. Another $1.6 billion in short positions are at risk of being closed if it rises to $115,000.

hashtelegraph.com