- Bitcoin holds $124K support as ETF flows fuel momentum toward $150K.
- Analysts see dips below $121K as prime entry zones for long-term traders.
- Uptober trend and institutional buying keep Bitcoin’s macro rally alive.
Bitcoin held firm above $124,000 on Monday after reaching a fresh all-time high of $126,198, signaling steady momentum despite a brief pullback. Market analyst Michaël van de Poppe said the move reflects a healthy consolidation phase before a breakout toward $150,000.
In a post on X, Van de Poppe described the structure as a buildup in “stamina” for Bitcoin’s next leg higher, adding that an optimal buy zone lies below $121,000 if a dip occurs.
There is a general bullish sentiment for Bitcoin
Notably, Van de Poppe’s projection aligns with the overall sentiment in the cryptocurrency market about Bitcoin. The pioneer cryptocurrency established a new all-time high on Monday, reaching a record price of $126,198, with the market cap climbing above $2.5 trillion for the first time.
The latest rally reflects Bitcoin’s growing demand after a period of significant pullback. According to data from TradingView, Bitcoin has surged by over 16% within the past 12 days. However, crypto analysts seem to be more interested in the cryptocurrency’s next move, considering how it broke above resistance to establish a new all-time high.
It is crucial to note that the previous resistance around the $121,000 – $123,000 price has become Bitcoin’s initial support under current conditions. Data from TradingView shows that the cryptocurrency traded for $123,770 at the time of writing, reflecting a slight pullback from its recently established all-time high.
Related: Bitcoin Price Prediction: Strategy’s $3.9B Gain Boosts Sentiment
Bitcoin’s bullish momentum is intact
In the meantime, Van de Poppe mentioned that Bitcoin is “nicely consolidating.” That is his way of explaining that Bitcoin’s bullish momentum is intact and that the pullback is only temporary.
Meanwhile, for most analysts, breaking above the previous all-time high is the ultimate trigger for the next phase of an anticipated Bitcoin rally to the $150,000 region.
Institutional Demand in BTC Keeps Growing
ETF inflows remain one of the biggest tailwinds. U.S. spot Bitcoin ETFs have recorded $3.2 billion in weekly inflows, their second-best week since BlackRock iShares ETF launch.
Analysts say this sustained demand shows institutions treating Bitcoin as a strategic reserve asset, a role once reserved for gold.
Related: Wall Street Veteran Paul Tudor Jones Renews Bitcoin Call as Institutional Profits Climb
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Source: https://coinedition.com/bitcoin-holds-above-124k-as-analysts-target-150k/