Bitcoin Bulls Dismiss Major Pullbacks, Eye $150K Target

Bitcoin's price surge continues to gain momentum, with analysts and market participants showing increasing confidence that a major price retracement is unlikely before BTC hits $150,000.

On November 11, Bitcoin (BTC) posted daily gains of 4.5%, maintaining its bullish momentum throughout the weekend. By the time of writing, BTC had surpassed $84,000, breaking past key resistance levels with ease.

BTC Price Nears $85,000, No Major Pullbacks Expected

Bitcoin's price momentum has been striking, reaching nearly $85,000 after Wall Street opened. The cryptocurrency has surged nearly 25% in the past week, and despite the rapid upward movement, there are few signs of a significant pullback or consolidation on the horizon. Bulls have been aggressively pushing through sell walls, driving the price higher and continuing the market's price discovery phase.

Popular crypto analyst account Bitcoindata21 shared insights on the rally, noting that bearish traders (referred to as "capo-bears") are inadvertently fueling Bitcoin's rise. By betting against BTC, they create more liquidations that further propel the price upward.

"Until we start seeing daily god candles (massive bullish price moves), I’m not entertaining significant pullbacks (20-30%)," Bitcoindata21 stated in a post on X. The reference to god candles suggests that the market needs to see an extreme bullish move before any real retracement is expected.

Targeting $150K and Beyond

Among the market's most vocal bears is trader Il Capo of Crypto, who has been predicting a crash to as low as $12,000 during this bull cycle. However, Bitcoindata21 has maintained a much more optimistic outlook, targeting $150,000 for Bitcoin's first major peak, though he acknowledged that this target could shift based on market indicators.

"Right now, it’s time to watch and enjoy the ride," the post concluded, with the suggestion that Bitcoin’s price could keep climbing without significant pullbacks for the time being.

Rising Bid Liquidity and ETF Demand

Data from CoinGlass showed thickening bid liquidity above $81,000 on exchange order books, indicating significant buy interest that could continue to push the price higher. Additionally, low funding rates across derivatives markets suggest a healthy rally, which is atypical during major price pullbacks.

Looking at the bigger picture, veteran trader Peter Brandt highlighted a key technical development: Bitcoin has broken through long-term resistance in the form of an inverse head-and-shoulders pattern, a classic bullish signal. Brandt’s analysis suggested that Bitcoin could potentially reach $200,000 if the current trend persists.

ETF Demand Continues to Fuel Bitcoin’s Rise

One of the key drivers behind Bitcoin’s recent surge is the growing demand for Bitcoin exchange-traded funds (ETFs). Last week, Bitcoin ETFs saw inflows of more than $1.5 billion, with little fanfare compared to the typical retail-driven FOMO rallies. Cameron Winklevoss, co-founder of the Gemini exchange, commented that steady institutional ETF demand—rather than retail speculation—has played a key role in Bitcoin's rise to $80,000.

“The road to $80K Bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare,” Winklevoss remarked. “People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising. Where are we in the cycle? We just won the coin toss, innings haven’t started.”

The iShares Bitcoin Trust (IBIT), launched by BlackRock, has become the largest Bitcoin ETF, surpassing the size of its gold ETF counterpart, which has been trading for over two decades. The strength and consistency of ETF inflows further suggest that institutional investors are committed to Bitcoin, helping to support and elevate its price.

Conclusion: Bullish Sentiment Remains Strong

As Bitcoin continues its bullish run, analysts are increasingly confident that the price will not experience a significant pullback in the near term. With strong ETF demand, rising liquidity, and favorable technical signals, many are predicting that Bitcoin could hit $150,000 or more before facing a major correction. As institutional capital continues to flow into the market, the upward momentum may not slow down anytime soon.