Bitcoin continues to show positive trends in the market, prompting expectations of a potential price increase to $143,000. The reasons for this growth are low exchange supply and increased investor demand.
Current Market Situation of Bitcoin
Currently, Bitcoin ([BTC](https://crypto.news/price/bitcoin/)) is trading at $109,860, which is a 10% increase from its lowest point this month and 50% above its April low. Santiment data indicates that the supply of Bitcoin on exchanges has decreased to 1.18 million, the lowest level since December 2017.
Growth Potential and Technical Analysis
The current chart shows that Bitcoin has formed a textbook cup-and-handle pattern. The upper side of the cup is at $109,220, while the lower side is at $74,558. The price is now close to completing the handle portion of this pattern, signaling potential for further upside.
Analysts' Comments and Forecasts
Analysts like Crypto Michael predict that this growth is the beginning of the largest bull market in history. He states: 'The Bitcoin rally I predicted is just the test pump. The next phase should start this week.'
Given the current market conditions and analyst predictions, Bitcoin may aim for a new historical high of $143,000. Notable market changes further highlight growing interest in cryptocurrencies among investors.
