Bitcoin Price Prediction: Bullish Breakout Targets $107K After 48% Demand Drop
Bitcoin’s momentum has slowed down in the last few weeks but not without opportunity. According to CryptoQuant’s Head of Research...
Quick overview
- Bitcoin accumulation has dropped by 48% from May to June, indicating waning institutional conviction.
- Despite the slowdown, Bitcoin's price remains above $106,000, supported by retail and opportunistic buyers.
- Technically, Bitcoin has broken out of a symmetrical triangle, confirming a bullish reversal structure.
- A move above $106,523 could signal a continuation of the bull run, with targets set at $107,212 and beyond.
Bitcoin’s momentum has slowed down in the last few weeks but not without opportunity. According to CryptoQuant’s Head of Research Julio Moreno, Bitcoin accumulation has dropped by 48% from 228,000 BTC in May to 118,000 BTC in June. ETF flows and whale activity are decreasing, institutional conviction is waning. Since late May short term holders have unloaded more than 800,000 BTC.
Despite the slowdown the price hasn’t collapsed. BTC has held above $106,000, retail and opportunistic buyers are still supporting the market. But with realized profits under $1 billion, analysts like Darkfrost argue that a full blown bull run lacks the necessary demand pressure for now.
Bullish Breakout Confirms Symmetrical Triangle
Technically Bitcoin has flipped the script. After consolidating in a symmetrical triangle BTC has broken out with a bullish engulfing candle above the 50-EMA ($105,054) and 200-EMA ($105,588). This wasn’t just noise – it confirmed a bullish reversal structure with a sequence of higher lows.
BTC is now above the triangle’s upper boundary and the key breakout level at $105,834. The 0.618 Fibonacci retracement at $106,523 is being tested, bulls are eyeing $107,212 as the next resistance. If that level gives way the path to $107,769 and $108,991 is clear.
Technical Snapshot:
- Price: $106,160 (up from $104,700 base)
- Bias: Bullish above $105,800
- Resistance: $106,523, $107,212, $107,769
- Support: $105,588 and $104,800
- RSI: Rising towards 60, favoring upside
Bitcoin Price Prediction: Eyes on $107K Break
The recent technical breakout of BTC/USD means the bulls are back in control in the short term. A move above $106,523 would likely confirm the bull run, $107,212, and potentially $108,000+.
But watch for high volume confirmation and RSI above 60 to confirm momentum. If price falls below $105,834 it may be a false breakout and we’ll see consolidation towards $104,800.But it’s still valid.
Macro volatility and ETF activity is stabilizing, this could be the start of Bitcoin’s next move as demand is reset.
In Short:
- Demand down 48% but price is bullish
- Triangle breakout is short term bullish
- Target: $107,212+ if $106,523 holds
- Watch $105,588 and $104,800 if momentum fads
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