Bitcoin rallied 10% from a local low of $98,400 to reach $108,200 on June 25, reclaiming a crucial support level below its $112,000 all-time high.
Following a 52% surge between April 8 and May 22, Bitcoin has been consolidating between $100,000 and $112,000. Recent recovery from six-week lows indicates strong bullish defense around $100,000.
Crypto analyst Jelle highlighted Bitcoin’s formation of a bullish pennant on the daily chart, a continuation pattern suggesting further upward momentum. A breakout above $110,000 could push Bitcoin toward $165,200, representing a 54% gain from current levels. However, the pattern’s historical success rate is about 54%, indicating moderate reliability.
Similarly, analyst Merlijn The Trader anticipates Bitcoin surging to over $140,000, based on an inverted head-and-shoulders pattern. Other market watchers point to macroeconomic factors, including rising US debt and tax policies, projecting targets as high as $200,000 to $250,000.
Meanwhile, Bitcoin exchange flows have dropped to their lowest in a decade. Data from CryptoQuant shows daily average inflows and outflows on centralized exchanges fell to 40,000 BTC on June 25. Bitcoin researcher Axel Adler Jr. noted a significant quantity of BTC has exited exchanges, signaling consolidation and potential liquidity constraints.
Reduced BTC balances on exchanges, currently at 2.92 million—the lowest in seven years per Glassnode data—suggest investors are moving coins into self-custody wallets. This trend reflects growing confidence in Bitcoin as a long-term store of value and may limit supply available for trading, potentially supporting higher prices.
Disclaimer: This article does not constitute investment advice. Trading involves risk, and readers should independently evaluate any investment decisions.