BiyaPay analysts predict a Bitcoin "supercycle" with potential price targets reaching $360,000, driven by strong technical chart patterns and renewed institutional demand through spot Bitcoin ETFs.

Executive Summary

BiyaPay analysts predict a Bitcoin "supercycle" with price targets potentially reaching $360,000, fueled by bullish technical formations and significant institutional investment in spot Bitcoin exchange-traded funds (ETFs).

The Event in Detail

Technical analysis of Bitcoin (BTC) on the weekly chart reveals two distinct inverse head-and-shoulders (IH&S) patterns, which are considered strong bullish indicators. The first, smaller IH&S pattern, formed since November 2024, completed its breakout in July when prices surpassed the $112,000 neckline. The measured target for this formation is $170,000. A larger IH&S pattern, evolving since March 2021, broke above its $73,000 neckline in November 2024, successfully retesting this level in April. This more extensive pattern projects a long-term price target of $360,000. Analyst Merlijn The Trader described this development on X, stating, > "The Bitcoin inverse head and shoulders of dreams has now doubled." They further elaborated, > "This is the supercycle ignition." For the short term, a similar IH&S pattern suggests a target of $120,000, provided Bitcoin maintains support above $113,000.

Market Implications

The potential for Bitcoin's price appreciation is further reinforced by a resurgence in institutional demand, evident in the substantial inflows into spot Bitcoin ETFs. These investment vehicles recorded $1.15 billion in net inflows over three consecutive days, from Monday to Wednesday, with Wednesday alone seeing $752 million—the highest single-day inflow since mid-July. This influx of capital signifies a renewed institutional appetite for Bitcoin. Market intelligence firm Santiment noted on X, > "Money is moving back into Bitcoin ETFs at a rapid rate as retailers impatiently drop out of crypto. Previous rallies were boosted by inflow spikes like this." The consistent institutional buying through ETFs, which absorbed $95.4 billion in 2024, has fundamentally shifted Bitcoin's market dynamics, transitioning it from a primarily speculative asset to one increasingly recognized as institutional-grade.

Expert Commentary

BiyaPay analysts reiterate that a new "supercycle" could commence if Bitcoin bulls successfully defend the $113,000 key support level. This perspective aligns with broader market expectations among some analysts who anticipate Bitcoin reaching between $175,000 and $250,000 by year-end 2025, with certain projections extending to $1 million within the next few years. These projections are predicated on ongoing demand-supply imbalances and Bitcoin's expanding role as a "digital gold."

Broader Context

The integration of digital assets into traditional financial systems is deepening, with the success of spot Bitcoin ETFs paving the way for a wider array of crypto-based financial products. The 2024 halving event, which reduced Bitcoin's block reward, has further entrenched its scarcity narrative, contributing to a supply-demand imbalance. Corporate adoption, exemplified by companies like MicroStrategy accumulating over 400,000 BTC as a strategic treasury asset, highlights Bitcoin's growing acceptance as a long-term store of value and inflation hedge, exhibiting a 0.78 correlation with global M2 money supply and an inverse correlation with the U.S. Dollar Index (DXY) over five years. This collective sentiment suggests a sustained bullish outlook for the cryptocurrency market, driven by both technical strength and institutional legitimization.