Bitcoin Surges 3.51% to $121,982 Amid Bullish Market Sentiment

Cryptocurrency analysis firm CryptoQuant has published a detailed analysis of on-chain data following Bitcoin's new all-time high of $123,000. The analysis revealed a notable increase in Bitcoin inflows to centralized exchanges immediately after this peak, indicating profit-taking by short-term investors and some whales. This sudden inflow is typically associated with local peaks and suggests a potential correction or consolidation in the coming days, a pattern observed after past parabolic rallies.

The overall market outlook, however, remains robust. Long-term investors are maintaining their positions, inflows into spot Bitcoin ETFs continue, and there are no significant outflows from corporate wallets. These factors collectively indicate a strong bullish momentum despite the possibility of a short-term correction.

Bitcoin's price surge past $123,000 has garnered significant attention, with long-term investors holding their positions and steady inflows into spot Bitcoin ETFs reflecting institutional confidence. The absence of significant outflows from corporate wallets further underscores the bullish sentiment among major holders. The recent price surge is attributed to potential regulatory changes in the U.S. that could create a more favorable environment for cryptocurrencies. Technical patterns suggest further upward momentum, with some analysts predicting Bitcoin could reach as high as $150,000 in the coming weeks. This optimism is supported by Bitcoin's outperformance of gold this year, with a 30% increase in its price compared to gold's 28% rise.

Bernstein analysts have forecasted that the crypto bull market could extend until early 2026, with Bitcoin potentially reaching $200,000 by the end of that period. They cite regulatory clarity in the U.S. as a key driver for this growth, as clearer guidelines could attract more institutional investors and further legitimize the asset class. The global cryptocurrency market capitalization has reached $3.68 trillion, with Bitcoin trading at $121,982, up 3.51%. This surge in value has also lifted other major cryptocurrencies, contributing to the overall positive market sentiment.

In summary, the technical outlook for Bitcoin after exceeding $123,000 is bullish. Long-term investors are holding their positions, inflows into spot Bitcoin ETFs are continuing, and there are no significant outflows from corporate wallets. Analysts' forecasts and technical patterns suggest that Bitcoin could reach new heights in the near future, driven by regulatory developments and institutional interest.