Bitcoin (BTC) price closed in an indecisive spinning top candlestick last week after being rejected multiple times at around $60k. However, the flagship coin has continued to defend the support level around $58k, which could be a basis for long-term bullish sentiment.
Furthermore, the price of Bitcoin has formed a potential bullish flag since early March this year. Despite the notable Bitcoin accumulation by institutional investors since the approval of ISIS-based spot BTC ETFs, traders have been gripped by the fear of further capitulation.
Bitcoin's fear and greed index has remained below 30 percent recently, indicating extreme fear of further crypto capitulation.
Medium-term goals for Bitcoin price
According to macro trader and crypto investor Jason Pizzino, the Bitcoin price is in a macro bullish outlook that closely matches the bullish breakout of gold and traditional stock indices. Notably, the gold price closed at a record high against the US dollar last week despite low demand in the crypto industry.
As Bitcoin price continues to show a bearish consolidation pattern, the crypto analyst stressed that a closing price below $56,000 in August would lead to further bearish pressure in September.
On the positive side, the crypto analyst stressed that a consistent close above $60,000 in the next two weeks will see the flagship coin reach its all-time high in the following months.
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Bitcoin’s price has faced immense bearish pressure in recent months, despite a notable increase in demand from institutional investors. Last week, the State of Wisconsin Investment Board acquired an additional 447,651 shares of BlackRock’s spot Bitcoin ETF, bringing its total holdings to 2,898,051 shares, valued at $98.9 million.
Goldman Sachs disclosed in an SEC filing that it holds more than $400 million worth of Bitcoin ETFs.
Rising demand for Bitcoin suggests a possible bullish breakout in Q4 2024, fueled by the upcoming US elections and possible interest rate cuts in the United States.
Also see: Five Major Catalysts That Could Spark a Bitcoin Bull Run: Elections, Rate Cuts, Historical Patterns, and More
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