Bitcoin Price Prediction: BTC Tops $120K As ETFs Pull In $627.2 Million, Extend Inflows Streak

The Bitcoin price rose over 1% in the past 24 hours to trade at $120,374 as of 5:26 a.m. EST on trading volume that surged 5% to $71.2 billion.

That increase in the BTC price comes as SoSoValue data shows that spot Bitcoin exchange-traded funds (ETFs) logged inflows of $627.2 million. 

So far this week, BTC ETFs have seen net inflows of $2.25 billion, with 4 consecutive days of inflows, following $902 million in outflows the previous week.

Meanwhile, Bloomberg ETF analyst Eric Balchunas noted that BlackRock’s IBIT ETF has entered the top 20 ETFs by assets for the first time after topping $93.2 billion.

With IBIT surpassing Coinbase’s Deribit in Bitcoin Open Interest as well, Balchunas said, ” I told y’all ETFs are no joke.. Fat crypto margins in trouble.”

Derivatives traders are also flipping ‘aggressively long’ on BTC, as Bitcoin squeezes closer to its all-time high (ATH).

According to an analysis by J.A. Maartun on X, there is a significant shift in Bitcoin futures in October.

Maartun notes that net buy volume has surged, and is now outpacing net sell volume by $1.8 billion.

Can the price of BTC keep soaring?

Bitcoin Price Analysis: Channel Uptrend Signals Sustained Momentum

The BTC price continues to maintain its bullish trajectory as it consolidates within a well-defined rising channel.

Bitcoin’s price has recently rebounded from the lower boundary of that channel, confirming support and extending its upward structure.

Currently trading around $120,374, Bitcoin is pushing toward the midrange of the channel, with the upper boundary pointing toward the $140,000 region.

After finding strong demand near the 0.382 retracement zone ($98,841), BTC has steadily recovered, reinforcing this level as a significant support area.

BTC price action is also nearing a crucial pivot point at the $124,175 Fibonacci mark.

BTC/USD Chart Analysis Source: GeckoTerminal

BTC Price Aims For The $143,000 Resistance

The Relative Strength Index (RSI) is holding at 58.66, slightly below the overbought threshold, suggesting that BTC still has room to climb before reaching overheated conditions.

Meanwhile, the Stochastic RSI is showing a positive crossover, with the %K line at 54.98 moving above the %D line at 39.19. This bullish crossover in mid-range territory often signals that momentum is shifting in favor of buyers, with potential continuation toward higher levels.

Overall, Bitcoin appears poised for another leg higher. The immediate target lies near $124,500, in line with Fibonacci resistance. If Bitcoin can break and hold above this zone, the next significant target emerges at $143,600, representing a nearly 20% upside from current levels.

Retail sentiment on Stockwits has turned “extremely bullish,” which is an indication that investors are buying more into the apex token.

On the downside, if the price of BTC plunges and crosses below the $108,000 level, the next cushion against downward pressure could be around the $96,841 level on the 0.382 Fib level.