INSUBCONTINENT EXCLUSIVE:
targets 54% gains to $165,000.Exchange flows are at a 10-year low, signaling investors continue to hold long-term.Bitcoin (BTC) price
registered a weekly high of $108,200 on June 25 after a 10% rise from its local low at $98,400 three days prior
BTC has now reclaimed a key support level as prices continued to consolidate below its $112,000 all-time high range.Can Bitcoin price rise
all-time high of $112,000
Since then, BTC price has oscillated between the all-time high and $100,000
chart.A bull pennant is a continuation pattern that occurs after a significant rise, followed by a consolidation period at the higher price
Source: JelleA positive breakout from the pennant could potentially lead to the next leg up for Bitcoin, measured at $165,200 or 54% from
its current price level.BTC/USD daily chart
Source: Cointelegraph/TradingViewHowever, it is important to note that the success rate of a bullish pennant is only around 54%, which makes
it one of the least reliable patterns.Related: Bitcoin price analysis now sees up to $111K liquidity grab nextMerlijn The Trader, a Bitcoin
lowsBitcoin may be trading significantly closer to its all-time highs, with supply in profit above 96%, but demand for BTC among exchange
users is drying up.Data from onchain analytics platform CryptoQuant reveals the daily average volume of flows on exchanges hitting 10-year
Source: Axel Adler Jr.Fewer inflows could mean investors are moving their BTC into self-custody wallets, reflecting confidence in Bitcoin as
a long-term store of value.As Cointelegraph reported, overall exchange BTC balances are at their lowest in seven years
Source: GlassnodeReducing supply on exchanges means less Bitcoin is readily available for trading, potentially leading to a liquidity
shortage and higher prices in the long term
This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
