Bitcoin Bull Run Surpasses 1000 Days, with $118K Gap Fill in Sight

Key Insights:

• Bitcoin’s bullish cycle exceeds 1000 days, with $118K gap fill attracting significant attention.
• Institutional investments, including U.S. pension funds, could boost Bitcoin’s price growth.
• Whale activity indicates increasing institutional confidence in Bitcoin as a long-term investment.

Bitcoin (BTC) has now been in its bullish phase for over 1000 days, leaving traders and analysts focused on the next big move. With the current price of Bitcoin hovering around $118,000, some experts predict that a CME gap fill is likely, which could push Bitcoin even higher. 

Bitcoin’s CME gap, a price gap left on Bitcoin’s CME futures chart, is now a key point of focus. According to Merlijn The Trader, the gap fill at $118,000 is “the magnet.” He suggests that once the gap is filled, Bitcoin could see another significant upward movement.

Merlijn stated that every $BTC gap-fill at this stage fueled the next leg higher. He believes that retail investors may panic during this dip, while experienced investors will use this as a buying opportunity.

Bullish Cycle Surpasses 1000 Days

However, Bitcoin’s current bullish cycle has exceeded 1000 days, making it one of the most extended periods of upward movement for the cryptocurrency. As per Juan Rodríguez, based on historical trends, Bitcoin could continue to rise for another two months. 

He also warned that the past does not guarantee the future, highlighting that cycles can change quickly. The recent surge to $122,000 is a reminder that Bitcoin’s price can move rapidly, often driven by macroeconomic factors.

Rodríguez also pointed to upcoming institutional involvement as a key factor for future price growth. He suggested that funds from U.S. pension plans could enter the market, potentially accelerating the upward trend.

Whale Activity Signals Confidence and Market Overview

Meanwhile, recent data shows that large holders have been increasing their Bitcoin holdings. Based on Crypto Rover, the number of addresses holding at least 100 BTC has surged in recent months, indicating a trend of accumulation by large players. 

This could point to growing institutional confidence in Bitcoin as a long-term investment. Crypto Rover encourages investors to follow the smart money, implying that the actions of these large players may signal the next move for Bitcoin’s price.

As of the time of writing, Bitcoin’s price was trading at $118,597, a slight decrease of 2.16% in the past 24 hours. The 24-hour trading volume is $75 billion, showing ongoing market activity. The current dip could be part of a larger setup rather than a sign of the bull run coming to an end.