Recently, Bitcoin surpassed $100,000, confirming a bullish trend in the market. This growth is linked to institutional purchases and various technical signals.
Institutional Buying Fuels Bitcoin Growth
An analysis from CryptoQuant contributor Caueconomy shows that whales holding between 1,000 and 10,000 BTC have added over 41,300 BTC in the last 30 days. This indicates sustained interest from institutional buyers in Bitcoin despite short-term price fluctuations.
Bullish Technical Setup Following Consolidation
Bitcoin is currently forming a right-angled descending broadening wedge pattern. A breakout above with strong volume could trigger further upside. Indicators show that Bitcoin is trading in the upper range, with support near the 20-day moving average around $94,930.
Market Forecasts and Conditions
Market conditions remain favorable. Standard Chartered forecasts Bitcoin could reach $200,000 by year-end, while VanEck projects $180,000. Analysts are watching for vertical acceleration in the coming sessions.
Bitcoin's rise above $100,000 is a significant event supported by institutional buying and positive technical signals that may lead to further price increases.
