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Bitcoin’s (BTC) price closed last week in an indecisive spinning top candlestick after being rejected several times for around $60k. However, the flagship coin has continued to defend the support level around $58k, which could be a basis for the long-term bullish sentiment.
Furthermore, since early March this year, Bitcoin’s price has formed a potential bullish flag. Despite the notable Bitcoin accumulation by institutional investors since the approval of IS-based spot BTC ETFs, traders have been gripped by the fear of further capitulation.
Bitcoin’s fear and greed index has remained below 30 percent in recent times, suggesting an extreme fear of further crypto capitulation.
Midterm-Targets for Bitcoin Price
As Bitcoin price action continues in a bearish consolidation pattern, the crypto analyst highlighted that a close below $56k in August would spell further bearish pressure in September.
On the brighter side, the crypto analyst highlighted that a consistent close above $60k in the next two weeks will propel the flagship coin to its all-time high in the subsequent months.
Market Picture
Bitcoin price has faced immense bearish pressure in the past few months despite the notable increase in demand from institutional investors. Last week, the State of Wisconsin Investment Board acquired an additional 447,651 shares of BlackRock’s spot Bitcoin ETF, thus increasing its total holdings to 2,898,051 shares, valued at $98.9 million.
Goldman Sachs revealed through an SEC filing that it holds over $400 million in spot Bitcoin ETFs.
The rising demand for Bitcoin suggests a potential bullish breakout in the fourth quarter of 2024, fueled by the upcoming U.S. elections and possible interest rate cuts in the United States.