The crypto market heats up following Donald Trump's pro-Bitcoin statements. With trillions in financial inflow and renewed investor confidence, BTC could see a meteoric rise. Can this rally truly propel the leading crypto king to $123,000 so quickly ?
The Bitcoin price has experienced a 1.4% increase today, fueled by numerous catalysts in the United States. BTC has climbed above $116,000, with 24-hour trading volume reaching $61 billion. It has formed several highly bullish patterns, indicating additional gains, potentially reaching a new all-time high.
One of the primary drivers behind this momentum is that President Donald Trump will soon sign an important executive order on cryptocurrencies. This document will allow pension funds to easily invest in digital assets. They will notably be able to invest in Bitcoin, Ethereum, and XRP.
This represents a major decision as these funds currently hold trillions of dollars in assets. They are estimated to control more than $9 trillion spread across assets like gold, bonds, and stocks. Even a rotation of just 0.5% of these assets into Bitcoin would represent a massive inflow of $45 billion.
Technical analysis reveals that BTC has formed several highly bullish chart patterns. These should trigger further gains this month. For example, the coin has formed an ascending triangle pattern, composed of a horizontal resistance at $111,822 and a diagonal trendline.
The Bitcoin price has also created a bullish flag pattern, consisting of a flag pole and a descending channel. This type of pattern typically leads to additional gains, which will likely materialize now that it has retested the support at $111,822.
Additionally, Bitcoin is supported by the 100-period moving average and has remained above the ascending trendline since April. Therefore, the most probable forecast for BTC’s price is a continuation of the uptrend, with initial targets at the psychological threshold of $120,000 and $123,118 (all-time high).
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