Key Insights on Bitcoin

• Bitcoin is gaining solid traction at $108,200, showing a 10% increase from its recent low of $98,400.

• The Bull Pennant pattern on the Daily Chart suggests a potential target of $165,000, which reflects a 54% gain.

• Exchange flow is at its lowest level in a decade, indicating that many investors are holding onto their Bitcoin for the long haul.

On June 25, Bitcoin (BTC) reached a weekly high of $108,200, improving by 10% since it dipped to $98,400 just three days prior. BTC is regaining its crucial support levels while consolidating under its previous all-time high of around $112,000.

So, could Bitcoin rise over 50% in the coming days?

Bitcoin’s Bull Pennant Indicates $165,000 Target

From April 8 to May 22, Bitcoin surged 52%, hitting an all-time high of $112,000. Since then, its prices have fluctuated between that peak and the $100,000 mark. The recent recovery from a six-week low hints that the Bulls are actively defending this critical threshold.

As noted on June 25 by crypto analyst Jelle, “Bitcoin has regained its main support area.” He pointed out that BTC has returned to a pennant formation on the Daily Chart.

Bull pennants are a continuation pattern that appears after a notable price increase followed by a consolidation phase at a higher price point.

“Over $110K, it could surge much higher.”

A breakout from this pattern might push Bitcoin up to around $165,200, illustrating a potential 54% increase from its current price.

However, it’s worth noting that bullish pennants have a success rate near 54%, making them somewhat unreliable.

Related: Bitcoin price analysis indicates liquidity reaching $111K.

Another analyst, Merlijn, shares a bullish perspective, predicting a BTC price of $140,000 based on reverse head and shoulder patterns.

“Nothing will stop $112K; BTC is set to soar to $140,000 or more.”

Some forecasts even suggest more ambitious targets, estimating BTC could hit between $200,000 and $250,000, citing factors like increased US debt and President Trump’s tax cuts.

Lowest Exchange Flow in a Decade

Though Bitcoin may be trading near its all-time high with profits soaring above 96%, the demand from exchange users appears to be dwindling.

According to data from the Onchain Analytics Platform Cryptoquant, the average daily exchange flow hit a 10-year low on June 25.

Bitcoin researcher Axel Adler Jr. reports that “the average flow rate (inflow + outflow) for centralized exchanges has dropped to 40,000 BTC per day, the lowest in a decade.” He elaborates that a significant portion of BTC is moving off these platforms, indicating a trend toward long-term holding and possible future liquidity shortages.

Recent reports suggest that the overall balance of Bitcoin on exchanges has hit a seven-year low, standing at 2.92 million BTC as of June 25—levels not seen since June 2019.

With fewer Bitcoins available on exchanges, this could lead to reduced trading liquidity and potential price hikes over time.

This article does not constitute investment advice or recommendations. All investing and trading activities carry risk, and readers should conduct their own research when making decisions.