Bitcoin Traders Predict Strong Run-Up as Classic Chart Pattern Targets $113K

Bitcoin price retreated to the $95,000 support zone as ETF inflows slowed and market hype cooled. At press time, it was trading at $95,684. The recent pullback has not erased the optimism that remains in the market.

Technical indicators suggest that Bitcoin is still in a bullish structure. The price confirmed a breakout from an ascending triangle pattern on the daily chart, a classic bullish continuation formation. This pattern usually leads to further upside for the asset once the upper trendline is broken.

Momentum indicators such as MACD and RSI remain in positive territory. These readings imply that buyers are still in control despite recent volatility. Bulls would need to continue defending the $95,000 level to maintain the bullish structure.

Why Did This Happen?

The recent decline in Bitcoin price coincided with a slowdown in ETF inflows. Investors appear to be shifting from aggressive accumulation to a more measured approach. This shift has led to a temporary correction in the price.

The breakout from an ascending triangle pattern is significant for technical traders. This pattern typically signals that an asset is continuing its upward trend after a period of consolidation. Traders and analysts are watching to see if this pattern will lead to a new wave of buying.

How Did Markets React?

Despite the pullback, Bitcoin’s price remains well above critical support levels. Institutional buying has not ceased entirely, and ETF inflows continue to provide a floor for the price. This dynamic suggests that the bearish momentum is not strong enough to reverse the overall trend.

Market participants are also monitoring the broader financial landscape. For example, Target Corporation (TGT) has seen recent earnings and revenue performance that could influence investor sentiment. Target reported Q3 adjusted EPS of $1.78, beating estimates by 4.09%. However, revenue of $25.27B narrowly missed forecasts.

Institutional capital continues to show interest in Bitcoin. Spot ETF inflows remain a key factor in the asset’s price movements. Analysts believe that the current consolidation could lead to a more powerful breakout if the right conditions align.

What Are Analysts Watching Next?

Analysts are closely monitoring several key price levels. A daily close above $92,600–$92,700 could open the path toward $93,200–$93,471. Beyond that, Bitcoin faces a heavy supply belt in the $93,500–$95,000 zone. Breaking through this level would be a strong bullish signal.

There is also growing attention on the potential for regulatory and legislative developments. A recent delay in the Senate Banking Committee's markup of a key crypto market structure bill has raised questions about the future of the industry. The bill aims to clarify regulatory boundaries between the CFTC and SEC in overseeing digital commodities and stablecoins.

Technical indicators show that Bitcoin is in a state of consolidation. Volatility metrics remain tight, and momentum indicators are neutral. The next significant move is likely to be decisive. If open interest continues to rise, it could signal that traders are preparing for the next big move.

On-chain data also supports the idea of tightening supply and rising institutional interest. Net Unrealized Profit and Loss has improved from −10.2% to −7.8%, indicating that unrealized losses are shrinking. This suggests that the market is moving closer to a bullish regime.

Market participants are also considering the broader macroeconomic environment. The U.S. dollar has declined by roughly 10% over the past year. This trend supports the case for Bitcoin as an alternative store of value. Additionally, the Federal Reserve's policy rate remains in a range that does not support aggressive tightening.

A key factor in Bitcoin's price action is the level of institutional capital. With more than $56 billion already invested in spot BTC exchange-traded products, the institutional base for Bitcoin is expanding. This capital is likely to continue flowing in as the market structure becomes clearer.