According to a Bitcoin bull, after Bitcoin soared to a historic high of $112,000 on Wednesday, it is expected to reach $150,000.
Milk Road co-founder Kyle Reidhead posted on the X platform on Wednesday, stating, "See you at $150,000." He referenced a post from the end of June, pointing out a "bullish cup and handle pattern," and indicated that this pattern would drive Bitcoin (BTC) to $150,000.
This optimistic sentiment comes after two weeks of narrow fluctuations, during which many analysts were concerned that Bitcoin might struggle to break through the historical high from May.
The new high seems timely.
Just hours before Bitcoin set a new high, economist Timothy Peterson told Cointelegraph that if Bitcoin does not reach a new high within the next two weeks, the asset may have to wait until October to approach its peak.
Market sentiment is also heating up. The Crypto Fear & Greed Index, which measures overall cryptocurrency market sentiment, surged 5 points to 71 out of 100, indicating a "greed" zone.
Meanwhile, CoinMarketCap's Altcoin Season Index shows that the market remains highly biased towards Bitcoin, with a "Bitcoin season" score of 26 out of 100.
From a technical perspective, crypto analyst Matthew Hyland believes that Bitcoin has seemingly broken through a recent downtrend. "BTC's daily chart has printed higher highs, confirming the end of the downtrend since late May," Hyland stated on Wednesday.
Hyland also noted, "The bulls are in control."
According to TradingView data, Bitcoin is currently priced at $111,383.
📈The Cointelegraph Markets Show!🔥 Burning question: Will Bitcoin hit $150K by year-end or is it just hopium? @HorusHughes and @bitcoinwallah join @rkbaggs to break it all down in 15 minutes or less on this week’s episode. https://t.co/YVesqoLwnA
eToro analyst Josh Gilbert commented to Cointelegraph, "This is the first truly institution-led bull market."
He added, "Strong inflows into exchange-traded funds (ETFs) and a robust macro environment have driven market momentum, but perhaps the most critical change is in the composition of buyers." According to Farside data, in July alone, the net inflow into U.S. spot Bitcoin ETFs was approximately $1.04 billion.
Coinstash co-founder Mena Theodorou expressed a similar view. Theodorou stated, "It is clear that this momentum is primarily driven by institutions rather than retail investors."
He further added, "Even with ongoing global uncertainties, from escalating trade frictions to rising geopolitical risks, Bitcoin continues to show strong resilience."
Not all market participants expect Bitcoin to set new highs.
Just the day before, on Tuesday, analysts from Bitfinex indicated that traders are cautious about buying Bitcoin at current price levels, as the cryptocurrency struggles to break through its historical highs.
The leverage positions of Bitcoin traders also reflect a similar trend. According to CoinGlass data, approximately $217.55 million in Bitcoin short positions were liquidated in the past 24 hours.
The data shows that if Bitcoin's price rises a few thousand dollars to $115,000, $1.6 billion in short positions will be at risk of liquidation.
Meanwhile, sentiment data released by Santiment on Tuesday indicated that Bitcoin's sentiment ratio reached its highest level in the past three weeks. Santiment analyst Brian Quinlivan warned that on June 11 and July 7, trader optimism similarly surged, followed by declines in Bitcoin's price.
Related: Facing a potential price of up to $133,000 in September, Bitcoin (BTC) investors are not fully prepared.
Original article: “Witness Bitcoin (BTC) hitting a new high of $150,000,” bulls say after Bitcoin sets a new historical high
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