Bitcoin Archives - Channelchek

Bit Digital (BTBT) – First Look at 3Q25

Posted on November 17, 2025November 17, 2025 by slightbourne@noblecapitalmarkets.com

Monday, November 17, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. The third quarter was Bit Digital’s first full period as a focused Ethereum treasury and staking company. During the quarter the Company continued to expand its ETH position, at quarter end holding approximately 122,000 ETH. By the end of October, that number had risen to more than 153,000 ETH, a fivefold increase since June.

3Q25 Results. Revenue for the quarter was $30.5 million, up from $22.7 million in 3Q24. We were at $31.5 million. Significantly, staking revenue grew to about $2.9 million, up from $400,000 in the prior quarter, driven by the increase in ETH holdings and a higher real life yield price. Due to a $168 million gain on digital asset valuation, BTBT reported $150.9 million, or $0.47/sh, of net income. We had forecasted a breakeven quarter, not including mark-to-market gains.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Bitcoin Slides Below $93,000 as Four-Year Cycle Fears Reignite Market Uncertainty

Posted on November 17, 2025November 17, 2025 by slightbourne@noblecapitalmarkets.com

Bitcoin began the week under heavy pressure, slipping below $93,000 on Monday and deepening a pullback that has now erased roughly 25% from October’s all-time high above $126,000. The sharp decline is forcing investors to reassess whether the recent weakness is merely a corrective pause—or the early stages of the crypto market’s historically familiar four-year cycle downturn.

The latest slide follows last month’s massive liquidation event, when roughly $19 billion in leveraged long positions were wiped out. That flush triggered a wave of forced selling and marked a turning point after months of aggressive bullish positioning. Long-term holders have also taken profits into strength, adding to downward pressure.

This correction arrives at a time that closely overlaps with Bitcoin’s typical post-halving peak window. Historically, new cycle highs occur between 400 and 600 days after the halving event. With the latest halving taking place in April 2024, Bitcoin is now within the same timeframe that preceded major tops in past cycles. This pattern has fueled what analysts describe as a “self-fulfilling prophecy”—investors expect weakness based on the timing alone, and their behavior creates selling pressure that brings it to life.

Still, several research groups argue that this drawdown does not resemble the steep 60–70% collapses seen during prior cycle peaks. Analysts point to structural differences in today’s market, including far deeper institutional participation and the rapid growth of Bitcoin ETFs. Large asset managers have continued adding exposure even as prices fall, a sign of what they describe as “higher-quality and more consistent ownership.”

Supportive regulatory developments may also help cushion the decline. The Trump administration’s pro-Bitcoin stance, along with ongoing progress on the Clarity Act in Congress, is widely viewed as a net positive for long-term market maturation. Some analysts believe this framework is helping shift Bitcoin closer to a mainstream institutional asset class, with corrections becoming less extreme than in past cycles.

MicroStrategy continues to reinforce that thesis. The company revealed another significant purchase on Monday—8,178 additional Bitcoin at an average price of $102,171 each, totaling $835 million. The firm’s steady accumulation, even during periods of weakness, remains a confidence anchor for parts of the market.

But short-term risks remain elevated. Research firm 10X noted that new buyer momentum stalled around October 10, leaving the market vulnerable as macro conditions deteriorate. A more hawkish tone from the Federal Reserve has pressured risk assets broadly, tightening financial conditions and raising the threshold for speculative flows into crypto.

Analysts have flagged $93,000 as a critical support zone. A decisive breakdown could spark another wave of liquidations, adding volatility to an already fragile environment. Some believe Bitcoin could retest support near the $80,000 level—last seen shortly after the U.S. election—before finding a durable bottom.

Even so, many long-term investors view the current weakness as a potential entry point rather than the start of a prolonged bear cycle. With institutional adoption rising and ETF inflows broadening the asset’s investor base, the coming weeks will determine whether Bitcoin stabilizes—or whether the deeper mechanics of the four-year cycle will reassert themselves.

Bit Digital (BTBT) – Monthly Ethereum Metrics

Posted on November 10, 2025November 10, 2025 by slightbourne@noblecapitalmarkets.com

Monday, November 10, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of October 2025. As of October 31, 2025, the Company held approximately 153,547 ETH, versus 121,187 ETH at the end of September. Included in the ETH holdings were approximately 15,139 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,132 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 10/31/25. The Company’s total staked ETH was approximately 132,480 as of October 31st.

Yield and Value. Staking operations generated approximately 249 ETH in rewards during October, representing an annualized yield of approximately 2.93%. Based on a closing ETH price of $3,845.79, as of October 31, 2025, the market value of the Company’s ETH holdings was approximately $590.5 million.

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Bitcoin Slides 20% From Record High as Market Faces Correction Pressure

Posted on November 10, 2025November 10, 2025 by slightbourne@noblecapitalmarkets.com

Bitcoin prices are facing their sharpest correction in months, with the cryptocurrency falling nearly 20% from its record high above $126,000 in early October. After briefly slipping below the key $100,000 threshold, Bitcoin is now trading near its lowest level in six months, leaving investors wondering whether the current downturn signals a temporary pullback or the start of a longer bear phase.

Analysts point to a combination of factors driving the decline, including profit-taking by early adopters and large-scale liquidations of leveraged positions. Data from Compass Point shows that long-term holders have sold more than 1 million Bitcoin since late June, marking one of the most significant waves of distribution in recent history. The selloff has weakened key support levels around $117,000 and $112,000, triggering stop-loss cascades and forcing many leveraged traders to unwind positions.

Market strategists caution that sentiment remains fragile. Markus Thielen of 10X Research noted that Bitcoin has failed to reclaim previous support zones, suggesting that the market may still have room to correct further before finding stability. According to Thielen, the next few weeks could be pivotal as investors reassess risk amid tightening liquidity and shifting macroeconomic dynamics. His firm warns that a drop below $93,000 could open the door to deeper losses, potentially testing the $70,000 level if liquidation pressures intensify.

The broader macro backdrop has also turned less favorable. The U.S. dollar has staged a rebound in recent weeks, exerting downward pressure on risk assets, including cryptocurrencies. Historically, Bitcoin tends to struggle when the dollar strengthens, as it reduces international purchasing power and dampens speculative demand. Additionally, the ongoing U.S. government shutdown has tightened liquidity conditions across financial markets, further weighing on investor sentiment.

Still, not all analysts are pessimistic. Some see this correction as a healthy reset in a long-term uptrend that remains intact. JPMorgan recently suggested that much of the forced deleveraging that triggered October’s decline has already played out. The bank’s analysts argue that rising volatility in gold has made Bitcoin relatively more attractive to investors seeking alternative stores of value. Their projections suggest Bitcoin could rebound to as high as $170,000 over the next 6 to 12 months, especially if market confidence stabilizes and macro conditions improve.

Potential catalysts could come from the policy side. A possible Federal Reserve rate cut in December and speculation about a more dovish leadership change when Chair Jerome Powell’s term expires in May could inject new optimism into markets. Similarly, the eventual resolution of the government shutdown may bring renewed liquidity into the system, which some believe could spill over into digital assets.

For now, the crypto market remains caught between optimism about long-term adoption and the short-term realities of profit-taking and tightening liquidity. While Bitcoin’s resilience near the $100,000 mark shows that investor interest remains strong, the coming weeks will likely determine whether this pullback marks a buying opportunity or the start of a more prolonged consolidation phase.

Gold and Bitcoin Slide as the “Debasement Trade” Falters

Posted on October 23, 2025October 23, 2025 by slightbourne@noblecapitalmarkets.com

Gold and Bitcoin, two assets long seen as safe havens in times of economic uncertainty, suffered steep declines this week, signaling a setback for the so-called “debasement trade.” On Wednesday, gold futures dropped more than five percent—the steepest single-day fall in over a decade—and extended losses by another one percent to around $4,060 per troy ounce. Bitcoin mirrored this weakness, plunging over three percent to trade just above $108,000 after staging a short-lived rebound earlier in the week.

The “debasement trade” refers to a strategy in which investors move money out of fiat currencies and government bonds and into “hard assets” such as gold, silver, and digital currencies. The concept hinges on fears that excessive fiscal spending, rising global debt, and accommodative central bank policies will erode the long-term purchasing power of major currencies—analogous to historic “debasement” when rulers diluted precious-metal coins to stretch resources. Essentially, it reflects investors’ desire to preserve value amid the perception that monetary and fiscal policy are inflating away real wealth.

For much of 2025, this trade propelled gold and Bitcoin to record highs as investors sought shelter from currency risk and persistent inflation. Gold rose over 65% year-to-date before this week’s sharp pullback, its rally supported by central bank buying and investor skepticism over government debt levels. Bitcoin, which climbed about 15% in the same period, benefited from similar narratives linking decentralized assets to long-term protection from currency erosion.

This week’s reversal, however, underscores shifting market sentiment. A stronger U.S. dollar, stabilizing geopolitical conditions, and profit-taking from heavily leveraged positions triggered a broad liquidation across both asset classes. The retreat in gold prices also weighed on mining equities and exchange-traded funds, signaling that speculative capital had overextended itself following months of relentless inflows.

Despite the sell-off, some strategists maintain that the underlying argument for the debasement trade endures. Inflation remains elevated, and major economies—including the United States and members of the eurozone—continue to operate under large fiscal deficits. These structural conditions sustain long-term concerns over fiat currency stability, though near-term volatility may temper enthusiasm. Analysts expect gold to find support in the $3,900–$4,000 range, while Bitcoin’s next key psychological level remains near $100,000.

What distinguishes this moment is the synchronized correction across both traditional and digital safe-haven assets. Their decline highlights the limitations of purely inflation-hedge strategies in an environment where tighter liquidity and the resurgence of the dollar can erase months of speculative gains almost overnight.

While the “debasement trade” is far from over, its stumble this week serves as a reminder that no hedge is immune to sentiment swings in global markets. In the evolving battle between inflation anxiety and monetary tightening, investors are being forced to reassess what truly qualifies as a reliable store of value in the modern economy.

Bitcoin’s New Heights: Rally, Risk, and the Shape of 2025’s Crypto Market

Posted on October 6, 2025October 6, 2025 by slightbourne@noblecapitalmarkets.com

Bitcoin continues to dominate headlines with a historic rally that swept its price above $125,000, renewing debate among investors about the line between long-term potential and speculative excess. The world’s largest cryptocurrency has reached new all-time highs amid a turbulent global backdrop, embodying both optimism for the digital asset’s future and sharply increasing risk in the growing crypto derivatives market.

The current rally, widely referred to as the “debasement trade,” finds its roots in persistent economic and political stress—most notably, the sustained U.S. government shutdown and mounting fiscal uncertainty. Investors have flocked to alternative assets, with gold racing past $3,900 per ounce at the same time. However, Bitcoin’s ascent is being fueled by more than just a search for safety: speculative forces, particularly in the options market, are now exerting substantial influence on the price.

U.S. Bitcoin exchange-traded funds (ETFs) have drawn $3.2 billion in inflows over the past week, marking the second-largest week since their inception in 2024. The size of these inflows, and the recent milestone of $49.8 billion in open interest for BlackRock’s iShares Bitcoin Trust (IBIT), highlight a marked shift: traditional finance is now inseparably linked with crypto, and its traders are helping to amplify price moves—both up and down.

The rapidly expanding ecosystem of derivatives is supercharging Bitcoin’s momentum. Combined open interest across IBIT and Deribit, the largest crypto derivatives platform, now approaches $80 billion—a near tenfold increase since the beginning of 2024. Options have become a principal driver of price activity; currently, over 60% of open Bitcoin options positions are call options, reflecting bullish bets on further gains.

Analysts warn, however, that the concentration of leveraged positions adds new complexities. The use of options amplifies both rallies and corrections, raising the possibility that sudden shifts in sentiment could trigger cascading liquidations—heightening volatility past even Bitcoin’s usual standards. This dynamic is not lost on traders who recall similar risk patterns during past bull runs.

From a technical perspective, Bitcoin is now consolidating gains with key support levels at $120,000 and crucial resistance at $135,000. Short-term projections place $150,000 as the next psychological barrier if upward momentum holds. October holds special attention for crypto traders; dubbed “Uptober,” the month has historically returned more than 22% on average for Bitcoin during the last decade. Some technical analysts, however, suggest a period of sideways movement could precede any fresh breakout, and algorithmic models signal breakout odds remain subdued in the immediate term.

Institutional adoption remains a powerful force, with legacy finance giants and individual investors alike piling into exchange-traded funds and options. Yet the rapid growth in derivatives and the surge in leveraged bets have made the market especially sensitive to sentiment reversals. Investors should be mindful: now, more than ever, Bitcoin’s greatest rallies often coincide with its sharpest corrections.

As 2025’s crypto market takes shape, this rally is a clear sign of Bitcoin’s maturity and mainstream adoption—but it also serves as a timely reminder that reward and risk, in the world of digital assets, are never far apart.

Bitcoin Depot (BTM) – Favorable Preliminary Results and Tuck-in Acquisition

Posted on October 3, 2025October 3, 2025 by slightbourne@noblecapitalmarkets.com

Friday, October 03, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strong preliminary results. Bitcoin Depot announced preliminary Q3 results of approximately $160M in revenue (+18% Y/Y) and roughly 50% growth in adj. EBITDA versus the prior year. Both topline and profitability are tracking well ahead of management’s prior Q2 guidance of high-single-digit revenue and 20–30% adj. EBITDA growth.

Beating expectations. In light of these results, the company is expected to exceed our Q3 forecast of $146.5M in revenue and $11.0M in adj. EBITDA. Preliminary figures imply approximately $13.8M in adj. EBITDA, meaning profitability should surpass our expectations by nearly 25%.

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Crypto Market Sell-Off Deepens Ahead of $22 Billion Options Expiry

Posted on September 26, 2025September 26, 2025 by slightbourne@noblecapitalmarkets.com

Cryptocurrency markets extended losses on Thursday as Bitcoin, Ether, and other digital assets tumbled in a week marked by heavy liquidations, ETF outflows, and growing caution across risk assets. The slide comes just a day before a massive $22 billion in options tied to the two largest tokens is set to expire, amplifying volatility across trading desks.

Bitcoin fell below $110,000 for the first time in four weeks, shedding more than 3% by late afternoon in New York. Ether fared worse, dropping as much as 8% intraday to below $4,000 before trimming losses. The sell-off spread quickly to smaller tokens, with Solana, Dogecoin, and Cronos posting declines of 6% to 10%.

The rout has erased more than $140 billion in market value this week, according to CoinMarketCap data. Analysts note that the pressure has been fueled by forced unwinds of leveraged positions on offshore exchanges, where opaque reporting and differing index rules can magnify price swings. More than $1.6 billion in long positions was liquidated earlier in the week, with an additional $500 million cleared in the past 24 hours alone.

Ether has faced particular selling pressure, with U.S.-listed exchange-traded funds seeing nearly $300 million in net outflows since Monday. That shift in flows has coincided with technical breakdowns, raising the risk of further liquidations if the token slips decisively below $3,800. A deeper slide could drag on listed companies that hold large amounts of Ether and Bitcoin on their balance sheets, since these so-called digital-asset treasury stocks trade as leveraged proxies for underlying coin prices.

The sell-off also weighed on publicly traded crypto-related firms. Robinhood and Coinbase both lost more than 3% on Thursday, while mining and digital asset infrastructure companies posted similar declines. Investor sentiment toward the “treasury model,” where firms hold cryptocurrencies as part of their capital strategy, has weakened as premiums over net asset value narrow and new issuance dilutes holders.

Beyond crypto-specific factors, the broader macro environment has added pressure. U.S. equities pulled back from recent record highs amid worries that enthusiasm around artificial intelligence may have overheated valuations. Uncertainty over the Federal Reserve’s interest rate path continues to ripple through risk assets. At the same time, the Treasury’s efforts to refill its General Account by issuing new debt has acted as a liquidity drain, redirecting capital away from speculative markets such as digital assets.

Despite the turbulence, Bitcoin and Ether remain among the year’s best-performing major assets, still up significantly from 2024 levels. Crypto advocates point out that historically, September has been one of the more volatile months for digital assets, with the final quarter often delivering stronger seasonal tailwinds.

Friday’s options expiry could prove pivotal. Roughly $17 billion in contracts tied to Bitcoin and $5.3 billion linked to Ether are due to roll off, a notional value large enough to trigger outsized price swings depending on how traders reposition. Market watchers suggest that whether Bitcoin can hold above $110,000 and Ether above $3,800 will help set the tone for the next leg of trading into year-end.

For now, caution is dominating sentiment, as investors weigh the possibility of further liquidations against the backdrop of one of the largest options expirations of the year.

Bit Digital (BTBT) – Second Quarter Results

Posted on August 18, 2025August 18, 2025 by slightbourne@noblecapitalmarkets.com

Monday, August 18, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Transformation. Since the end of 1Q25, Bit Digital has transformed the business: first moving to an Ethereum treasury and staking platform, and then the WhiteFiber IPO. The focus going forward at Bit Digital is to build one of the largest institutional balance sheets in the public markets and generate scalable staking yield. We expect the WhiteFiber holding to be liquidated over time to fund this goal.

2Q25 Results. Revenue of $25.7 million fell from $29.0 million in 2Q24, was flat sequentially, and in-line with our $25.4 million estimate. The key difference was Mining revenue, which fell to $6.6 million from $16.1 million last year. Cloud Services revenue rose to $16.6 million from $12.5 million in 2Q24. Higher one-time G&A costs and lower gross margins across most business lines, offset by a $27.1 million gain on Digital Assets, resulted in operating income of $13.9 million, compared to an operating loss of $11.5 million in 2Q24, which was impacted by a $11.5 million loss on Digital Assets. The Company reported net income of $14.9 million, or $0.07/sh, versus a net loss of $12 million, or $0.09/sh last year.

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Bitcoin Depot (BTM) – Q2 Upside Drives Full-Year Upward Revisions

Posted on August 13, 2025August 13, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, August 13, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strong Q2 results. Bitcoin Depot reported Q2 revenue of $172.1 million (5.5% growth YoY), better than our estimate of $167.5 million. Adj. EBITDA of $18.5 million (46.2% growth YoY) beat our estimate of $15.5 million. The impressive results were driven by stronger revenue per kiosk, particularly among mature locations.

Kiosk expansion. The company added roughly 600 kiosks during Q2, ending with 9,000 units in operation. About 3,300 kiosks are still in early ramp, suggesting room for productivity gains. Bitcoin Depot also holds 1,700 units in inventory, enabling growth without near-term capex. In Australia, 200 kiosks have been deployed, and management is evaluating two more international markets.

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Bit Digital (BTBT) – More News; Updated Model

Posted on July 18, 2025July 18, 2025 by cpatches

Friday, July 18, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Updated Model. Earlier this week, Bit Digital announced preliminary revenue for 2Q25 in the $24.3-$26.9 million range, which is modestly below our and consensus estimates. The difference, in our view, is likely driven by the push to the right of some contracts. We are not too concerned as of now, as we expect the contracts to come online this year.

Adjusted Numbers. We lowered our 2Q revenue expectation to $25.3 million from a prior $31.6 million, with the biggest change coming in the Cloud Services and Mining line items. Net loss is now at $4.4 million, or $0.02/sh, versus a prior loss of $1.4 million, or $0.01/sh.

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Crypto Market Hits $4 Trillion — Bitcoin Leads, Ethereum Follows with ETF Tailwind

Posted on July 18, 2025July 18, 2025 by cpatches

The total cryptocurrency market cap has hit a record $4 trillion, led by a surge in Bitcoin past $120,000 and strong momentum in Ethereum, which is up 40% this month. The rally is being driven by ETF inflows, a surge in altcoins, and recent U.S. regulatory developments targeting stablecoins. With institutional interest on the rise, some analysts believe Bitcoin could reach $150,000 in the coming weeks.

Crypto Breaks Records — Again

Digital assets are once again front and center as the total cryptocurrency market capitalization surpassed $4 trillion this week — a new all-time high. Bitcoin (BTC), which makes up about 60% of the market, recently broke above $120,000, while Ethereum (ETH) is up roughly 40% month-to-date, including a 22% gain over the past five days.

The surge is being fueled by renewed investor enthusiasm, inflows into U.S.-listed crypto ETFs, and increased altcoin activity. Ethereum’s rally, in particular, has been boosted by over $1.7 billion in ETF inflows this week, a record for the token.

ETF Inflows and Institutional Interest

U.S.-listed ETFs continue to play a central role in the crypto market’s expansion. Bitcoin funds have seen more than $5 billion in inflows in July alone, while Ether ETFs have drawn nearly $3 billion. These instruments are giving both retail and institutional investors easier access to crypto exposure — and appear to be accelerating price momentum.

Altcoins Join the Party

While Bitcoin and Ethereum are leading headlines, altcoins are also seeing significant upside. Uniswap (UNI), for instance, surged double digits in early trading today. Broader altcoin strength has contributed to the market’s $4T milestone and reflects growing risk appetite among crypto investors.

Regulators Step In — Stablecoins Targeted

Adding to the momentum: policy clarity. For the first time, U.S. lawmakers passed legislation to regulate stablecoins — digital tokens pegged to fiat currencies — introducing both federal and state oversight for what is now a $265 billion market. The move is seen by many as an attempt to legitimize digital dollar substitutes and give institutional investors greater confidence in the space.

Looking Ahead

With sentiment bullish and regulatory frameworks starting to take shape, many market watchers believe the rally could continue. Some analysts are calling for Bitcoin to reach $150,000 in the near term, citing continued ETF inflows, reduced selling pressure, and growing demand from global investors.

📈 Historical Context

The previous all-time crypto market cap high was $3 trillion in November 2021, before falling below $900 billion during the 2022 bear market.
Bitcoin’s all-time low was below $70 in 2013. It hit $20,000 in late 2017, $69,000 in 2021, and now $120,000 in July 2025.
Ethereum launched in 2015 at under $1. Its current rally has pushed it back toward all-time highs set in 2021 (~$4,800).
The first U.S.-listed spot Bitcoin ETF was approved in January 2024, igniting a fresh wave of institutional participation.

Bitcoin Breaks New High: Is This the Start of a Bigger Run?

Posted on July 10, 2025July 10, 2025 by slightbourne@noblecapitalmarkets.com

Bitcoin has once again captured the spotlight after smashing through the $112,000 mark this week—its first all-time high since May 2025. This milestone solidifies the cryptocurrency’s remarkable comeback and affirms its growing relevance in mainstream finance. As of Thursday morning, BTCUSD is trading slightly below its record, consolidating gains while traders and investors alike look ahead to what’s next.

The digital asset’s latest rally is driven by a combination of favorable technicals, strengthening institutional demand, and a more constructive policy environment in the U.S. That’s an increasingly powerful trifecta in a year where markets have otherwise been defined by policy uncertainty and choppy economic data.

Technically, Bitcoin has broken above the top of a descending channel it’s been trading in since late May. This kind of breakout is often viewed as a bullish continuation signal, suggesting the uptrend that started earlier in the year may still have room to run.

Momentum indicators such as the Relative Strength Index (RSI) remain strong but not yet overbought, implying the rally could continue without immediate risk of a pullback. A widely used forecasting technique known as the measuring principle places Bitcoin’s next major upside target near $146,400, suggesting a potential 30% gain from current levels.

Fundamentally, Bitcoin’s breakout is underpinned by a steady stream of positive developments. Notably, more corporations have begun adding Bitcoin to their balance sheets—signaling long-term belief in its value as a hedge or store of wealth. Meanwhile, lawmakers in Washington are making progress on bipartisan crypto legislation aimed at providing regulatory clarity, particularly around digital asset custody and taxation.

Additionally, the rise of spot Bitcoin ETFs continues to attract institutional money that might otherwise avoid crypto exchanges. While trading volumes on platforms like Coinbase remain muted, demand through custodial services and ETFs is on the rise—a sign that “quiet accumulation” is likely underway.

Bitcoin is up nearly 19% year-to-date, a performance that puts it in line with top-performing tech stocks like Microsoft and Nvidia. For many investors, this reinforces the asset’s appeal as a digital growth play with asymmetric upside potential.

While the medium- and long-term outlook remains bullish, investors should keep an eye on near-term support. The $107,000 level, just under the breakout trendline and 50-day moving average, could serve as the first key floor during any pullbacks.

A break below that might open the door for a retest of the psychological $100,000 level, which coincides with a dense area of price action from late 2024 and early 2025.

Bitcoin’s new all-time high marks more than just a number—it reflects growing maturity in the asset class. Whether you’re a long-term believer or a tactical trader, the setup ahead presents both opportunity and risk. But for now, Bitcoin’s breakout confirms what many in the crypto space have long expected: the next chapter of mainstream adoption is already underway.