Is BTC Price $120,000 Target Still Within Reach?
The post Is BTC Price $120,000 Target Still Within Reach? appeared on BitcoinEthereumNews.com.
Bitcoin’s price has mostly traded sideways since rebounding from Friday’s market crash, struggling to break past resistance at $115,892 while finding support near $111,098. Despite the muted action, two analysts have identified bullish signals that could lead to a price recovery toward the $120,000 level in the near term. Sponsored Rising Binance Exchange Flows Support Bitcoin’s Ongoing Bullish Structure CryptoQuant analyst PelinayPA noted that Bitcoin’s market structure remains intact and continues to show signs of strength despite recent headwinds. According to the report, one of the major supporting factors is the rise in Binance exchange-to-exchange flows, a metric that tracks the transfer of Bitcoin between major trading venues. While assessed on a 7-day moving average, CryptoQuant’s data show that it has soared 125% in the past seven days. For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. Bitcoin Exchange to Exchange Flow. Source: CryptoQuant When exchange-to-exchange flows rise, it indicates heightened activity among large traders, institutions, or market-making entities moving funds between major exchanges. Sponsored “Since early October, these flows have risen again, implying renewed activity among large players. However, because these are transfers between exchanges rather than inflows to exchanges, they are interpreted as neutral to slightly positive, suggesting that spot holdings are being redistributed rather than sold,” PelinayPA noted. The analyst said that this behavior indicates redistribution of liquidity rather than capitulation, a healthy sign for market stability. “Following the sharp drop on October 11, Bitcoin recovered quickly and has stabilized around $110K. The flow volumes during that sell-off were significantly lower than current levels, indicating that the latest movements reflect a more organic and healthy recovery. Technically, the probability of revisiting the October 11 low is low. The price structure continues to form higher lows,…
