Bitcoin Price Prediction: Analysts Eye $120K Amid Strong Market Signals
Recent analyses suggest Bitcoin could surge to $120,000, driven by key market indicators. A sharp drop in BTC inflows to Binance, now at 5,147 BTC, signals reduced selling pressure. This trend, combined with Bitcoin reclaiming its 50-day EMA, hints at a bullish rally. Experts cite rising spot CVD as proof of strong demand.
Why Bitcoin Could Hit $120K Soon
Technical data from CryptoQuant shows Bitcoin inflows to Binance are at historic lows. This suggests investors are holding, not selling. Axel Adler Jr., a noted researcher, confirms the inflow/outflow ratio remains high, similar to early bull markets.
Key Market Indicators Supporting the Rally
- Bitcoin inflows to exchanges at multi-year lows
- 50-day EMA reclaimed, a classic bullish signal
- Spot CVD rising, indicating strong buyer interest
Expert Insights on Bitcoin’s Trajectory
Ibrahim Cosar, a crypto trader, notes that Bitcoin has closed above its 50-day EMA for three consecutive days. “This pattern often precedes major upward moves,” he says. IT Tech, a market commentator, highlights the rising CVD as a sign of sustained demand.
Challenges and External Factors
Despite positive signals, geopolitical and macroeconomic risks remain. Investors should stay cautious. The market’s reaction to global events could impact Bitcoin‘s path to $120,000.
