After experiencing a rocky start to the week, Bitcoin has made a convincing comeback, currently trading around $107,000 – a 5% recovery. Crypto Rover, a well-respected crypto analyst, suggests this is just a taste of what’s to come. He predicts that Bitcoin is gearing up for a significant upward shift, one that could potentially catapult prices to a staggering $140,000.
In a recent social media post, Crypto Rover asserts that Bitcoin is in the process of creating a bullish trend known as a “bull flag.” This pattern has historically been associated with significant price surges in Bitcoin’s past cycles. He points out that Bitcoin has been in a sideways consolidation phase for almost 200 days, a pattern eerily reminiscent of those observed before previous bull runs.
The analyst forecasts that once Bitcoin surpasses the $110,000 resistance level, the path to $130K-$140K could materialize swiftly. “This might be the final push,” Rover stated, dubbing it as “the most despised rally” due to skepticism amidst the ongoing consolidation phase.
Supporting Rover’s bullish stance, CryptoQuant data indicates that just 40,000 BTC are being sent to exchanges daily, the lowest rate witnessed in over a decade. Historically, such reduced flows have aligned with market bottoms and the inception of major rallies, as seen in 2016, 2019, and most recently in 2023.
Simultaneously, Bitcoin spot ETFs are demonstrating robust institutional demand. Fairside data reveals two consecutive weeks of inflows, with a substantial $588.55 million added on June 24 alone.
While Bitcoin garners the limelight, Crypto Rover remains optimistic about Ethereum ETHUSDT as well. Backed by a $4.4 million long position, he anticipates a significant rise in ETH, supported by evidence of substantial accumulation by institutions like BlackRock. He predicts that the ETH price could fluctuate between $2,600 and $4,000, depending on the progression of the breakout.
He further states that the present funding rates for both BTC and ETH are close to zero or even negative, another traditional indicator of a bullish bottom taking shape.
