Bitcoin Aiming for $120,000? Charts, Whale Activity, and ETF Inflows Point to a Massive Rally

Bitcoin has been showing strong signs of recovery in recent days, and according to several analysts, it could soon surpass the $120,000 mark. Supporting evidence for this bullish outlook is mounting — from technical breakouts to significant whale accumulation and massive ETF inflows.

🔹 BTC is gaining again – currently trading at $108,853, up 0.5% over the past 24 hours. If key support levels hold, the market may be on the verge of another powerful upward move.

Technical Analysis: Bitcoin Breaks Out of Triangle – A Bullish Signal Crypto analyst Lark Davis pointed out on Twitter that Bitcoin has broken through a descending trendline. His chart shows a symmetrical triangle breakout, a pattern often followed by strong price surges. 🔹 The MACD histogram has turned green, and the MACD line has crossed the signal line – both strong indicators of bullish momentum. In addition, the 20-day, 50-day, and 200-day exponential moving averages are currently below the breakout level, reinforcing the bullish structure.

Elliott Wave Theory Confirms the Bull Case Analyst Garrett Patten added his own perspective based on Elliott Wave theory, identifying a pattern that could trigger a powerful third wave of growth. If Bitcoin maintains its support zone between $107,100 and $108,300, his chart predicts a surge to $116,400, supported by Fibonacci extensions and bullish MACD and RSI signals. The third wave is typically the strongest of the Elliott sequence – increasing the probability of a rapid upward move.

On-Chain Data: Whales Are Accumulating According to the latest Glassnode data, there has been a 3% weekly increase in wallets holding over 1,000 BTC – the most significant rise in institutional accumulation since early 2024. This suggests that major investors continue to have long-term confidence in Bitcoin’s value.

Institutional Inflows: $600 Million into Bitcoin ETFs Institutional appetite is also evident in the ETF market. Giants like BlackRock and Fidelity recently purchased over $460 million worth of Bitcoin, pushing net ETF inflows above $600 million. Bitcoin even briefly broke through the $110,000 mark, fueling further demand.

Political Momentum: Trump’s Team Hints at a $20 Trillion Market Bo Hines, Executive Director of Trump’s office, recently suggested that stablecoin legislation could boost the overall crypto market capitalization to $15–20 trillion. Considering the current cap is about $2.16 trillion, this would require Bitcoin to grow by nearly 600%. If Trump’s administration continues to support crypto and regulatory clarity improves, Bitcoin could reach new all-time highs, possibly surpassing the $111,970 peak recorded on May 22.

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