Bitcoin – Why a ‘potential move towards $150K’ is still possible
**Key Takeaways: How Is Bitcoin’s Price Doing on the Charts?**
At the time of writing, Bitcoin was valued at just over $111,000, after falling by more than 9% in less than a week. Despite this recent dip, the cryptocurrency market remains dynamic and closely watched by investors and analysts alike.
**What Does 21Shares’ Matt Mena Think About Bitcoin?**
Matt Mena, Crypto Research Strategist at 21Shares, remains optimistic about Bitcoin’s long-term prospects. He believes that structural demand—driven by ETF inflows and a more dovish monetary policy outlook—will provide a solid floor to Bitcoin’s price.
Bitcoin (BTC) surged to a historic peak of $126,000 before entering a challenging stretch. As of now, it is trading at approximately $111,148, down 0.9% over the last 24 hours and down 9.43% over the past week.
**Matt Mena’s Optimistic Outlook for Bitcoin**
Despite wavering investor confidence, Mena emphasizes Bitcoin’s resilience amid broader market uncertainties. He noted:
> “Overall, Bitcoin’s resilience amid macro crosscurrents and aggressive deleveraging underscores how structural demand anchored by ETF inflows and a more dovish policy outlook continues to provide a floor.”
He further added:
> “With leverage flushed, policy easing approaching, and structural demand accelerating, the setup into year-end appears increasingly constructive for digital assets, setting the stage for a potential move toward $150K Bitcoin as macro tailwinds and institutional flows continue to align.”
**What Motivated These Remarks?**
Mena’s comments come in the wake of market recovery following Fed Chair Jerome Powell’s signals of potential rate cuts and a pause in balance sheet runoffs. Futures markets are now pricing in roughly two rate cuts by the end of the year with 95% certainty, according to CME FedWatch.
This has helped stabilize risk assets, with the S&P 500 rising near 6,650 points and Bitcoin holding above $110,000. The rebound follows a significant $19 billion crypto deleveraging event last week, which triggered sharp price swings on centralized exchanges. Meanwhile, decentralized platforms remained operational, showing greater resilience amid volatility.
With excess leverage cleared, Mena believes the market fundamentals are now better structured for the next upward move.
**Global and Domestic Economic Context**
Globally, the International Monetary Fund (IMF) has lowered its 2025 growth forecast to 3.2%. However, easing tensions in U.S.-China diplomatic relations might brighten the economic outlook.
Domestically, the U.S. government shutdown is entering its third week, with a 70% chance of resolution by mid-November. This situation leaves markets highly reliant on Federal Reserve guidance and private economic indicators to gauge near-term momentum.
**Bitcoin’s Structural Demand and On-Chain Metrics**
Bitcoin’s structural demand remains robust, with over $6 billion in U.S. ETF inflows this month. Additionally, global crypto ETF assets are expected to approach $300 billion by year-end.
On-chain metrics also paint an interesting picture:
– Bitcoin’s market dominance has risen to 58.7%.
– Public companies currently hold a record 172 Bitcoin treasuries, totaling more than 1.02 million BTC.
– However, caution persists. The Crypto Fear & Greed Index reads 32, indicating lingering market anxiety.
– Technical indicators like the RSI trend downward, suggesting bears may currently have the upper hand.
– Conversely, on-chain analysis shows most Bitcoin supply remains in profit, with short-term holders playing a critical role, pointing to potential further upside.
**Conclusion: A Pivotal Moment for Bitcoin**
Bitcoin is at a crossroads—consolidating its strength, attracting institutional flows, and navigating short-term bearish pressures. Whether this signals the start of a sustained rally or a final test of resilience, the coming weeks will likely be decisive for Bitcoin’s year-end trajectory.
Investors and enthusiasts should stay attentive as macroeconomic factors and market sentiment continue to evolve.
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