Bitcoin Surges Above Bull Market Support Band, Targets $120,000
Bitcoin's price has cleared its Bull Market Support Band for a second time after briefly dipping below it earlier this year, according to TradingView charts. This bullish sign is backed up by the cup and handle pattern that formed since May, which projects a target near $120,000.
The pattern measured move adds roughly $34,054.80 to the breakout point, putting the full price target at $120,000. Currently, Bitcoin trades near $86,606.99, up 0.47% today, and holding above $84,000 after breaking out of the cup and handle pattern.
A historically rare three-month winning streak is also on the cards for Bitcoin, which has posted gains in both July and August, and is on track to close September higher too. This would mark only the second July-August-September winning streak in its history, with the first instance occurring in 2012.
Bitcoin ETF inflows are another positive sign for the cryptocurrency market, with US spot Bitcoin ETFs adding $714.75 million on September 22, following $998.95 million the day before. Cumulative net inflows across all BTC ETFs stand at $56.87 billion.