Bitcoin (BTC) is nearing its all-time high of $108,786, reached in January of this year, with indicators suggesting a potential surge. Crypto analyst Ted Pillows noted on X that BTC has entered the final phase of the Wyckoff Accumulation pattern. Pillows believes Bitcoin's consolidation above $100,000 is a positive signal.
Pillows also mentioned Tether's recent minting of $2 billion in USDT, potentially injecting fresh liquidity into the market. He forecasts Bitcoin could surpass $120,000 in its next upward movement. Fellow analyst Jelle echoed this sentiment, suggesting BTC is poised for price discovery once it breaks its current ATH.
Analyst Ali Martinez identified $105,000 as a crucial price point, exceeding which could trigger $23.65 million in short liquidations. Titan of Crypto highlighted Bitcoin's Fair Value Gap (FVG) between $98,000 and $102,000. He noted that BTC held strong, reacting well from the daily FVG, maintaining a bullish setup.
Institutional investment is also contributing to Bitcoin's momentum. In April 2025, BTC spot ETFs attracted $2.97 billion, a significant increase from the $767 million in outflows in March. In November of last year, BlackRock's IBIT BTC ETF surpassed the firm's gold fund in net assets.
On-chain data indicates investors are withdrawing BTC from exchanges, anticipating a rally. Currently, BTC is trading at $103,896, a 1.7% increase in the last 24 hours. Bitcoin's market cap is slightly above $2 trillion, compared to gold's $21 trillion.
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