February 9, 2025
News

Watch These Bitcoin Price Levels as Investors Load Up on Bitcoin ETFs

Bitcoin’s price is currently hovering near a three-month high, just below the significant $67,000 level. Since peaking in early March, the cryptocurrency has moved within a symmetrical triangle pattern, suggesting potential consolidation before a breakout that could lead to further gains in the longer term. Investors are eyeing bullish price targets of $92,500 and $135,000 while watching for support levels around $60,000 and $44,000.

Recently, Bitcoin (BTC) has surged about 6% this week, buoyed by significant inflows into spot Bitcoin exchange-traded funds (ETFs). The 12 U.S. Bitcoin ETFs have recorded nearly $1.4 billion in net inflows this week, signaling renewed investor optimism, possibly linked to the Federal Reserve’s recent half-percentage-point rate cut.

Symmetrical Triangle Pattern

Since March, Bitcoin’s price has been oscillating within a symmetrical triangle pattern, which could be a consolidation phase before a breakout and continued uptrend. However, trading volumes on Coinbase, the largest U.S. crypto exchange, have declined, indicating that many investors may still be cautious, waiting for a clear breakout.

Bullish Price Targets

Using technical analysis, the first upside target can be estimated by measuring the widest distance between the triangle’s trendlines and adding it to the top trendline. This calculation gives a potential target of $92,500, approximately 38% above Bitcoin’s current price.

For a longer-term outlook, applying a bars pattern based on historical trends suggests an even higher target of around $135,000. This projection is derived by extending Bitcoin’s previous strong uptrend from the triangle’s recent low.

Key Support Levels

Investors should closely monitor the psychological $60,000 level, which aligns with the lower trendline of the symmetrical triangle and previous price action from Bitcoin’s 2021 peak. If Bitcoin breaks below the triangle, it could drop to around $44,000, where support might be found from horizontal levels connecting key price points between February 2021 and January 2022.

These levels are critical for assessing Bitcoin’s next potential moves, with opportunities for both bullish and bearish scenarios depending on how the price reacts at these key points.

(This analysis is for informational purposes only and should not be considered investment advice. As of the publication date, the author holds no position in any of the securities mentioned.)