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Hey friends, here’s a friendly and easy-to-follow update from the crypto realm:
$BTC is gearing up to potentially hit a brand-new all-time high this week. Here's why people are watching its moves closely:
Bullish Flag Pattern: On the daily chart, Bitcoin formed what's called a bullish flag. This chart pattern usually comes before big breakouts. The flag began forming after a drop to $98,320 in late June and peaked at $123,200, creating a roughly $25,000 range. Now, it's breaking above the top of that flag—and if the pattern holds, the projected price target is around $142,000.
ETF Inflows Are Surging: Investors are piling into Bitcoin ETFs again. This past week saw more than $246 million in inflows, reversing the previous week’s outflows of $643 million. Meanwhile, supply on exchanges has dropped to multi-year lows—another bullish sign.
Fed Rate-Cut Hopes: Weak U.S. nonfarm payroll figures and expected softer CPI (Consumer Price Index) data have raised hopes that the Federal Reserve might cut interest rates when it meets in September. Lower rates tend to give a boost to risk assets, including Bitcoin.
Short Liquidation Potential: A popular trader, BitBull, pointed out that even a modest 10% upward move could trigger huge short liquidations—over $18 billion. This could spark a rapid rally, possibly pushing BTC above $120,000.
In short: Bitcoin might be on the cusp of a serious breakout. A combination of cheering charts, strong ETF demand, macroeconomic tailwinds, and potential short squeezes all point to a week worth watching closely.
Source: crypto.news
