Bitcoin (BTC) is accelerating its push toward the $100,000 mark, driven by a surge of capital into spot ETFs combined with multiple bullish technical signals.
The strong support on the capital side is the most prominent feature of the current market. On Monday, the BTC price briefly surged to $87,270, hitting a multi-month high, but it subsequently fell back below $84,000 due to rising U.S. bond yields; nevertheless, this pullback is viewed as a temporary phenomenon.
Data from SoSoValue shows that as of Friday, the total assets under management across various spot Bitcoin ETFs (IBIT.US) had exceeded $134 million, with BlackRock's (BLK.US) IBIT contributing $97 million, Fidelity's FBTC (FBTC.US) contributing $49 million, while investors redeemed $11.8 million worth of shares from Bitwise (BITB.US), and other ETFs saw no inflows.
This week, total inflows into spot Bitcoin ETFs reached $2.4 billion, bringing the cumulative inflow for the month to $2.7 billion. This marks the third consecutive month of positive growth for this category of ETFs, reversing the overall performance so far this year and offsetting the $4.5 billion outflow in June and the $2.43 billion outflow in May.
Despite rising U.S. Treasury yields, American investors still expect BTC to rise. Institutional accumulation is proceeding in tandem, with Michael Saylor's Strategy (MSTR) purchasing 95 BTC last week, bringing its total holdings to 846,000 coins; Strive (ASSR), associated with Vivek Ramaswamy, now holds 26,355 coins.
Woofun AI's compiled data shows that futures market indicators further confirm strong demand. Open interest has continued to rise this month, with daily open interest value surpassing $60 billion, indicating elevated investor risk appetite. Meanwhile, the Fear and Greed Index has remained in the greed zone.
From a technical analysis perspective, the likelihood of BTC rising to $100,000 in the short term is extremely high. On September 11, the 50-day moving average crossed above the 200-day moving average, forming a golden cross pattern. Additionally, the chart displays a bullish flag pattern formed by a vertical line and a descending channel. BTC has now broken through the key resistance level of $82,745, which was also the high on May and September 4. As it approaches $82,745, BTC is likely to form a "breakout then retest" pattern. Therefore, the most probable forecast is that BTC will rebound and reach $100,000, a level approximately 20% above the current price. Tom Lee believes Bitcoin could rise even higher, projecting that BTC may climb to $150,000.
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