Bitcoin (BTC) Price Prediction: Bulls Defend $111K as Analysts See Catch-Up With Gold

Bitcoin price today trades near $111,015, holding steady after a volatile midweek session that saw buyers step in at the rising trendline near $108,000. The market’s resilience contrasts with record highs in gold and silver, with analysts saying bitcoin’s pause may be masking underlying strength ahead of a potential breakout.

The daily chart shows Bitcoin price respecting a key ascending trendline that has guided the market since April. Support remains strong near $108,000–$109,000, reinforced by the 100-day EMA at $113,449 and the 200-day EMA at $108,119.

Despite recent pressure, BTC continues to hold above this confluence zone, suggesting bulls are maintaining structural control. The 20- and 50-day EMAs at $115,546 and $115,222 cap immediate upside, forming a resistance cluster that must break for momentum to resume.

A sustained push above $115,500–$117,500 could trigger a move toward the upper resistance zone between $122,000 and $125,000. On the downside, failure to defend the trendline would expose $106,000, where horizontal demand from July remains intact.

On-chain data from Coinglass shows a $28.28 million net outflow on October 16, reflecting moderate investor withdrawals from exchanges. The pattern follows three consecutive days of outflows exceeding $800 million, indicating that traders continue to move assets to self-custody, often seen as a sign of accumulation.

While these outflows align with long-term bullish sentiment, the scale has moderated compared to earlier in the month, suggesting a cautious tone. Analysts note that sustained inflows will be needed to confirm renewed conviction from institutional participants. The Bitcoin price today holding above $111,000 shows that spot markets remain balanced despite reduced liquidity.

Bitcoin’s muted October contrasts with precious metals, which surged to record highs amid expectations of further U.S. monetary easing. Yet, several analysts believe BTC’s consolidation is a prelude to a strong rally.

Quinn Thompson, CIO at Lekker Capital, said at the Digital Asset Summit in London that bitcoin’s performance “will catch up to gold very soon,” comparing the current setup to late 2024 cycles when BTC rallied sharply. Similarly, 21Shares analyst Matt Mena pointed out that structural demand from ETF inflows and a more dovish policy outlook “continues to provide a floor” for the market.

Mena expects Bitcoin price to climb toward $150,000 before year-end, citing that leverage has been flushed out and risk conditions are stabilizing. This projection aligns with historical cycle behavior where prolonged consolidations preceded steep rallies once rate expectations shifted.

Investor sentiment toward bitcoin’s safe-haven role continues to evolve amid global geopolitical tensions. Commenting on the PBD Podcast, investor Anthony Pompliano said that selling bitcoin due to geopolitical uncertainty shows “a lack of understanding of what you’re holding.”

He reiterated that “the whole point of Bitcoin is that it is a non-sovereign asset” designed to act as a store of value independent of government influence. This narrative has gained renewed attention as gold’s rally highlights investors’ flight to safety, suggesting bitcoin could benefit once broader market confidence returns.

With the Federal Reserve signaling softness in the labor market and expectations for further rate cuts, macro conditions appear increasingly supportive for non-yielding assets like bitcoin.

Analysts say bitcoin’s calm performance near $111,000 reflects market stability rather than weakness. The combination of declining leverage, sustained ETF flows, and easing Fed expectations continues to build a base for the next upside phase.

As long as the Bitcoin price stays above the $108,000 trendline, the broader uptrend remains intact. A decisive close above $115,500 could shift sentiment back toward bullish continuation, targeting the $122,000–$125,000 range.