Bitcoin's next target $120,000? After a giant whale sold 24,000 BTC, institutional ETF demand may become the key driver!
In recent weeks, Bitcoin has experienced the largest fluctuations of the year. A giant whale suddenly sold 24,000 BTC worth $2.7 billion, which directly led to the price dropping below the critical level of $110,000, resulting in the market clearing hundreds of millions in leveraged long positions. Meanwhile, an old wallet that had been dormant for years suddenly transferred 500 BTC to Binance, further intensifying the selling pressure.
From the one-hour chart perspective, the BTC price rebounded quickly after hitting $109,000 and is currently oscillating around $111,000. The current structure shows a clear descending channel pattern; if it can successfully break through the resistance zone of $112,000-$113,000, I believe the price will experience a clean and sharp rise, targeting $115,000-$117,000, and even bringing $120,000 back into view.
Conversely, if $109,000 is lost again, the support levels at $108,000 and $103,000 may be tested one by one.
The core factor keeping me optimistic is ETF demand. From the data, institutional funds continue to flow into Bitcoin ETFs, and there is significant buying support each time the price drops.
For me, $108,000 is the current key watershed— as long as the price can stabilize at this level, this sell-off is likely just the last shakeout before BTC embarks on a larger upward trend.
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