After a short weekend dip, Bitcoin (BTC) is back on track, continuing to follow both the increase in M2 global money supply and the Wyckoff Accumulation pattern. While some analysts predict BTC may reach a new all-time high of $120,000 in the coming weeks, declining funding rates are raising some caution.
Bitcoin To Hit $120,000 Soon?
In an X post published today, seasoned crypto market commentator Ted Pillows noted that Bitcoin remains in sync with the Wyckoff Accumulation pattern and is tracking the growth in global M2 money supply.
For the uninitiated, The M2 global money supply refers to the total amount of money in circulation worldwide, including cash, checking deposits, and easily convertible near-money like savings deposits. It is a key indicator of global liquidity and central bank monetary policy, often used to assess inflation risk and economic growth potential.
The analyst shared the following chart, showing M2 money supply growth (in white) leading Bitcoin’s price action (in blue). Based on the chart, BTC may climb to $120,000 in the coming weeks and potentially as high as $153,000 by October 2025.
Fellow crypto trader Merlijn The Trader echoed Ted’s view, stating that BTC is “playing out the classic Wyckoff script.” Following April 2025’s false breakdown that saw BTC tumble to $75,600, the digital asset is now entering the “liftoff” phase, which typically features strong upward price movement.
BTC Funding Rates Decline On Binance
While the Wyckoff pattern suggests further gains for BTC, exchange data shows a different story. Specifically, funding rates on Binance indicate growing short interest among traders.
According to a CryptoQuant Quicktake post by contributor BorisVest, a significant number of traders are betting against the rally. However, if BTC’s price continues to climb, these traders may be at risk of liquidation.
The analyst noted that a mismatch between funding rates and price action often triggers forced short liquidations or margin calls. Both outcomes can amplify upward momentum in price.
Since Binance is the largest crypto exchange by trading volume, its funding rates often serve as a proxy for broader market sentiment. BorisVest explained:
As Bitcoin continues to rise, these shorts face growing pressure and are gradually forced out of the market – either through liquidations or margin calls. This process accelerates the bullish momentum, creating a feedback loop that pushes prices even higher.
That said, the strong June 2025 US employment data showed no signs of economic weakness, reducing the likelihood of a near-term rate cut from the Federal Reserve, which could weigh on risk-on assets like Bitcoin. At press time, BTC trades at $108,435, down 0.4% in the past 24 hours.
Featured image from Unsplash.com, charts from CryptoQuant, X, and TradingView.com
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