Following the cooled CPI data on June 11 and institutional adoption at its peak, Bitcoin is poised for a significant breakout, with analysts predicting a potential surge to $116,000 in the coming days. This upcoming rally in Bitcoin price is likely to accelerate by this week, as a new all-time high before Monday-opening on June 16 will spread optimism among investors.
While the chatter about Bitcoin and cryptocurrencies is thriving, combined with the U.S. Senate’s ongoing discussions on the Stablecoin bill (GENIUS Act), the current market sentiment has turned utterly bullish. Such a time in the past has proven to be propitious for Bitcoin, as it stays at the forefront of the massive rallies.
Noting this current market state, a prominent crypto trader and analyst, Merlijn The Trader, shared his latest prediction on X, noting a three-step pattern: a “fakeout,” a breakout, and a small retrace, which he argues is unfolding new highs in Bitcoin price.
The fakeout, marked on the chart, indicates a deceptive move that often precedes a strong upward trend—a phenomenon supported by historical patterns where false breakouts signal trend resumption. “The pattern is playing out to the T,” Merlijn said, urging investors to stay the course.
The claim of Bitcoin hitting a new high by the weekend is supported by various headlines that have taken place this week. In a recent report, analysts at Bernstein have revised their 2025 target for Bitcoin price to $200,000, citing strong ETF inflows that could account for 7% of Bitcoin’s circulating supply. This influx, combined with historical price surges post-halving, lends credence to Merlijn’s $116,000 target as an intermediate milestone.
Also read: Michael Saylor’s Latest: Strategy’s Bitcoin-Backed STRD Hits Nasdaq
