Bitcoin is 2% away from reaching a historic high

The price of bitcoin is approaching a critical point, remaining less than 2% below its all-time high of $ 73,800, and the current upward trend indicates a possible breakout from the «falling wedge» — a pattern that traditionally predicts strong growth.

According to 10x Market, a crypto-analytical resource, bitcoin’s growth is largely supported by infusions from spot investment funds (ETFs), which have become the basis for institutional interest.

Such investments help to ensure stable growth as more and more institutions see bitcoin as a promising asset.

It is reported that in October, flows into spot ETFs reached $ 4.1 billion, the highest monthly volume since March.

«Demand for ETFs is growing, and Bitcoin is following suit. If this trend continues, our quant signal predicts a potential rise to $ 100,000 by the end of January 2025,» the analysts said.

Despite the optimism, experts advise caution, as the total amount of profitable bitcoin stock indicates a possible market peak.

Historically, the market often peaks when more than 95% of the bitcoin stock becomes profitable, signaling possible excessive demand, and currently, about 99.4% of the bitcoin stock is in profit, which could lead to increased sales and pressure for further growth.

Analysts believe that a breakout from the «falling wedge» could signal a possible 27% increase with a target price of $ 88,185.

«For this growth to continue, Bitcoin needs to overcome the $ 73,800 level and consolidate it as support,» the experts say.

It is reported that due to the risk of a peak situation, it is possible that the market could fall to $ 70,000 or lower in the short term due to profit-taking.