Bitcoin Bulls Take Control Above $112K

1. Bitcoin Hits New High, Eyes $150,000 Target

Bitcoin has just surpassed $112,000, setting a new record high since May and raising expectations that the rally is far from over. According to Kyle Reidhead, co-founder of Milk Road, the emerging "cup and handle" pattern on the price chart signals a strong upward trend, with an optimistic forecast: "See you at $150,000."

2. Technical Indicators Favor the Bulls

Analyst Matthew Hyland noted that Bitcoin has just broken out of the downtrend formed since late May and is confirming an uptrend on the daily chart. "Buyers are in control of the market," he affirmed.

3. The Surge Driven by Major Institutions

Unlike previous bull runs, this breakout is believed to be led by financial institutions rather than retail investors. Analyst Josh Gilbert from eToro stated: "This is the first real bull market where institutional buying plays a leading role." Mena Theodorou, co-founder of Coinstash, agreed: "Clearly, this rally is coming from institutions."