Comprehensive Analysis of Bitcoin’s Potential Surge
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Bitcoin’s Journey to $120,000: Is It Imminent?
After a brief downturn over the weekend, Bitcoin (BTC) has regained its momentum, aligning with the increase in the M2 global money supply and following the Wyckoff Accumulation pattern. While some experts forecast BTC could soar to a new pinnacle of $120,000 in the coming weeks, there is cautious optimism due to a decline in funding rates.
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The Rising Potential of Bitcoin
In a recent post on X, renowned cryptocurrency analyst Ted Pillows highlighted Bitcoin’s consistent adherence to the Wyckoff Accumulation pattern, echoing the global M2 money supply’s expansion.
For those unfamiliar, the M2 global money supply encompasses the total amount of money circulating worldwide, including cash, checking deposits, and easily convertible near-money such as savings accounts. This metric serves as a crucial gauge of global liquidity and central bank monetary policies, often employed to evaluate inflation risks and economic growth prospects.
Ted Pillows shared a revealing chart that displays the growth in M2 money supply (depicted in white) leading the price movements of Bitcoin (shown in blue). The data suggests that BTC could ascend to $120,000 in the coming weeks, potentially reaching $153,000 by October 2025.
Another cryptocurrency trader, Merlijn The Trader, supported Ted’s perspective, asserting that BTC is following the classic Wyckoff script. After a misleading breakdown in April 2025 that saw BTC plummet to $75,600, the digital currency is now entering the “liftoff” phase, typically characterized by significant upward price momentum.
Observations on BTC Funding Rates on Binance
While the Wyckoff pattern indicates potential gains for BTC, exchange data presents a contrasting narrative. Specifically, funding rates on Binance reveal an increase in short interest among traders.
According to a CryptoQuant Quicktake post by contributor BorisVest, a substantial number of traders are wagering against the upward trend. However, if BTC’s price continues to rise, these traders might face the risk of liquidation.
The analyst pointed out that a discrepancy between funding rates and price action often leads to forced short liquidations or margin calls, both of which can enhance upward price momentum.
Given Binance’s status as the leading crypto exchange by trading volume, its funding rates often reflect broader market sentiment. BorisVest elaborated:
As Bitcoin’s value rises, these shorts encounter increasing pressure and are gradually forced out of the market, either through liquidations or margin calls. This dynamic accelerates the bullish trend, creating a feedback loop that propels prices even higher.
Nonetheless, the robust June 2025 US employment data showed no indicators of economic fragility, diminishing the chances of an imminent rate cut from the Federal Reserve, which could impact risk-on assets like Bitcoin. As of now, BTC is valued at $108,435, reflecting a 0.4% decrease over the past 24 hours.
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