Bitcoin Surges 0.5% to $108,853 as Institutional Buying and Technical Patterns Fuel Rally

Bitcoin is showing signs of a potential major rally, with technical chart patterns, on-chain whale activity, and a surge in institutional buying all aligning to suggest a bullish outlook. As of the latest update, Bitcoin is trading at $108,853, marking a 0.5% increase over the past 24 hours. Analysts are now focusing on the $120,000 level as a potential near-term target, provided that key support levels remain intact.

The bullish case for Bitcoin is primarily supported by technical analysis. Analyst Lark Davis shared a chart indicating that Bitcoin has broken above a descending trendline, signaling the end of a consolidation phase. This symmetrical triangle breakout pattern is often observed before significant price surges. Davis noted a potential upside of nearly 10%, targeting the $120,000 level. The breakout was confirmed by a spike in trading volume and a green MACD histogram, with the MACD line crossing above the signal line, indicating upward momentum. Additionally, three exponential moving averages—the 20-day, 50-day, and 200-day—are currently below the breakout point, reinforcing the bullish structure. While Davis did not specify a timeframe, he suggested the rally could begin within days.

A separate analysis by Garrett Patten, using Elliott Wave theory, also predicts a bullish outcome. Patten identified a nested wave structure, with smaller-degree waves i-ii forming within a larger 1-2 wave setup. This formation typically precedes a strong third-wave rally. According to Patten, Bitcoin must hold the $107,100 to $108,300 support range to maintain the wave structure. If support holds, his chart projects a move to $116,400, supported by Fibonacci extensions and upward-trending MACD and RSI indicators. The third wave in Elliott Wave sequences is often the strongest, suggesting Bitcoin could experience rapid gains if current levels are sustained.

On-chain data from Glassnode shows a 3% weekly increase in wallets holding over 1,000 BTC, marking the most significant spike in institutional accumulation since early 2024. This growth in large wallet addresses suggests that deep-pocketed investors remain confident in Bitcoin’s long-term value.

Institutional buying has also surged, with major institutions like BlackRock and Fidelity recently purchasing $461.6 million worth of Bitcoin. This led to an overall positive inflow of over $600 million in the U.S. Bitcoin ETF market. This influx of capital underscores renewed institutional demand as BTC briefly broke $110k.

Political support for digital assets is also growing. Executive Director for Trump, Bo Hines, recently suggested that total crypto market capitalization could soar to $15–$20 trillion once stablecoin legislation is enacted. Given the current market cap of $2.164 trillion, Bitcoin alone would need to increase by nearly 593% to meet that scenario. Such projections reflect growing institutional and political support for digital assets. If current momentum continues and legal frameworks become more favorable, Bitcoin could be poised to set a new all-time high, potentially eclipsing the $111,970 peak recorded on May 22.