Bitcoin Price Nears Record High Amid ETF Momentum

Bitcoin nears its all-time high, less than 2% from $73,800 at the peak price. On-chain data now shows a recent uptick in price after breaking out from the wedge pattern. Viewed to be a bullish sign, investors are optimistic that once it surpasses this key mark, the rally would get much bigger. Others do caution, however, that this surge higher into fresh peaks may be met with some resistance to Bitcoin’s rally.

Institutional Interest Rises, Bolstering Bitcoin’s Rally

The surge in the price of Bitcoin is pretty much driven by the inflows from spot ETFs, a fact that tends to illustrate growing institutional interest in the asset. According to 10x Research, October alone saw record ETF inflows of more than $4.1 billion, marking the highest month in terms of volume since March. With fast-rising institutional demand, analysts believe this could be what catapults Bitcoin to a likely target of $100,000 by early 2025. But the market may see potential headwinds with the current price approaching all-time highs.

Market Analysts Warn of Profit-Taking Risks

Historically, Bitcoin’s market tops coincide with profit levels above 95% of total supply, a threshold that often triggers selling. At present, roughly 99.4% of Bitcoin’s supply is profitable, raising concerns that profit-taking could curb the rally. If more investors decide to lock in gains, Bitcoin’s upward momentum might slow, potentially pushing the price down to $70,000 or lower.

BTC Price Prediction: Aiming for New Highs Amid Uncertainty

Technical analysis points to a possible 27% rally in Bitcoin’s price, targeting around $88,185 if Bitcoin flips the $73,800 mark into solid support. A confirmed hold above this level could fuel further gains, positioning Bitcoin for a new phase of growth. Yet, the potential for increased selling pressure remains, with a cautious market eyeing the prospect of a short-term correction. Should Bitcoin solidify support near its current peak, it could pave the way for an extended rally—otherwise, short-term profit-taking may extend the wait for a fresh high.