Bitcoin has shown signs of growing demand in recent months, which has been building since July. This trend could create conditions for another sharp increase in value, potentially pushing the price to $200,000 by the end of the year. According to data from TradingView, Bitcoin is currently trading at $120,000.

Bitcoin opens the door for another surge

The increase in demand for BTC has major players behind it. Dominating are institutions and ETF funds, which accumulate significant amounts of Bitcoins. While the largest investor accounts currently add approximately 331,000 BTC annually, ETF products, according to Farside, purchased 213,000 BTC in the last quarter of 2024. This represents a 71 % increase compared to previous periods. This factor may play a decisive role in 2025 as well.

US spot Bitcoin ETF funds continue to be an important part of market structure. In recent months, capital flows have been highly volatile. After strong inflows in mid-September, a series of outflows followed. The latest data from Glassnode now indicates a return of net inflows, suggesting ongoing institutional interest despite continued profit rotation.

If this renewed demand aligns with the declining sales by long-term holders, ETF funds could act as a stabilizing element. This would create a stronger foundation for price resilience while supporting conditions for sustainable Bitcoin growth.

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Where will the price go?

Now that we know the main source of demand, it is important to consider how high Bitcoin could theoretically climb. The recent declining chart structure resembled a falling flag pattern, after which, according to technical analysis, the price should continue upward at roughly the same pace as before this consolidation. This implies a first theoretical target around $133,000.

However, this growth may not stop here. Many analysts expect that in subsequent phases, Bitcoin could reach up to $200,000. Even if this level is achieved, the total gain since November 2022 would represent only about half of the profit compared to the previous growth cycle.