Bitcoin Price Eyes New All-Time High: Quarterly Candle Signals Bull Run?

Bitcoin flirts with a new ATH as analysts point to weakening dollar, rising M2 money supply, and positive technical indicators. Is the biggest quarterly candle a sign of things to come?

Bitcoin Price Eyes New All-Time High: Quarterly Candle Signals Bull Run?

Bitcoin is back in the spotlight, folks! After a rocky start to July, the OG crypto is showing serious resilience. With analysts buzzing about a potential new all-time high (ATH) on the horizon, let's dive into what's fueling this optimism.

Key Drivers Suggest a Potential Surge

Several factors are converging to create a bullish outlook for Bitcoin. A weakening dollar, a record high US M2 money supply, and positive momentum in major indices like the S&P 500 are all playing a role. Historically, Bitcoin has shown a strong correlation with the M2 money supply, and its inverse relationship with the dollar often sees investors flocking to BTC as an inflation hedge.

Plus, Bitcoin's supply on exchanges has dropped to levels not seen since August 2018, suggesting reduced selling pressure and a move towards long-term holding. Analyst Crypto Rover even highlighted a bull flag pattern on the BTC price chart, hinting at a potential move towards $120,000!

The Quarterly Candle: A Sign of Strength?

Adding fuel to the fire, Bitcoin closed June with a bang, notching its highest monthly close ever at a staggering $107,179, according to crypto analyst PlanB. This surge has reignited speculation about whether a new ATH is within reach. The previous high monthly closes were in May and January, at $104,600 and $102,450, respectively.

Institutional interest is also soaring. Spot Bitcoin ETFs are attracting mainstream capital, and leading asset manager BlackRock saw inflows of over $1.3 billion in a single week. Michael Saylor's MicroStrategy continues to gobble up BTC, recently adding another 4,980 coins to its massive holdings.

Not So Fast: Challenges Remain

Despite the bullish signs, some caution is warranted. Ray Youssef, CEO of NoOnes, points out that Bitcoin has been range-bound between $106,000 and $108,700 for several days, struggling to break above $108,500. He emphasizes the need for a clear macro catalyst to trigger a decisive breakout.

If Bitcoin fails to hold above $107,000, we could see a pullback towards $105,000 or even $102,000. So, while the potential for upside is there, keep an eye on those key levels.

Bitwise Doubles Down: $200K Target in 2025

Adding to the bullish chorus, Bitwise has reaffirmed its $200,000 Bitcoin price prediction for the end of 2025. They cite post-halving supply tightening, institutional adoption, and growing regulatory clarity as the main drivers. Unlike Ethereum and Solana, which face headwinds, Bitcoin is positioned as the strongest institutional-grade digital asset.

The Bottom Line

Bitcoin's price action is definitely heating up, and the potential for a new all-time high is real. The combination of technical indicators, macroeconomic factors, and institutional interest is creating a compelling narrative. However, as always, volatility is part of the game. Buckle up, crypto enthusiasts, because the next few months could be a wild ride!

So, is Bitcoin ready to moon? Only time will tell. But one thing's for sure: the world's watching!