Bitcoin Eyes ATH as ETF Inflows Surge and Michael Van De Poppe Calls the “Start of a Big Bull Market”

Bitcoin (BTC) continues to press higher, with price action on the daily chart showing growing momentum just beneath the $123,306 resistance level. 

The move comes as U.S. spot Bitcoin ETFs absorb unprecedented inflows, adding billions in fresh capital and pushing total ETF assets well beyond $150 billion. 

U.S. spot BTC flows (Source: Farside Investors)  

Meanwhile, analysts, including Michael van de Poppe, now suggest that Bitcoin has entered the “big bull market,” signaling the beginning of a new phase of institutional adoption and price discovery.

ETF-Driven Rally Meets Technical Momentum

Over the past week, Bitcoin has rallied strongly from the $114,000 region to current levels near $122,500, gaining support from both technical factors and institutional capital flows. 

On Oct. 3 alone, spot ETFs such as BlackRock’s iShares Bitcoin Trust recorded nearly $1 billion in net inflows, underscoring the scale of demand from traditional finance. This surge in ETF activity has not only reinforced confidence in the market but also amplified momentum on the charts.

The technical picture confirms the bullish tilt. The 9-day EMA continues to rise above the 20-day EMA, a sign that short-term momentum is well aligned with the broader uptrend. 

WBTC/USD daily chart (Source: GeckoTerminal)

Meanwhile, the MACD histogram has widened into positive territory, showing that buying pressure is accelerating. RSI levels are nearing overbought territory but remain within the bounds of sustained rallies, indicating room for additional upside before momentum exhausts.

Bitcoin Order Book and Market Levels

Order book data shows heavy bid support just below current prices, with notable walls at $122,398 and $122,381. 

Those clusters suggest that buyers are ready to defend short-term pullbacks, minimizing downside risks in the near term. 

On the sell side, stacked ask walls at $122,457, $122,562, and $122,607 represent the last hurdles before the critical $123,306 resistance level. Clearing this supply zone could propel Bitcoin into new all-time highs, a move that would confirm the bullish sentiment expressed by van de Poppe.

Support remains strong at $117,265, with deeper levels at $112,546 and $108,994 offering cushions if profit-taking sets in. However, the combination of ETF inflows and strengthening momentum makes such a reversal less likely unless inflows slow dramatically.

BTC Trading Strategy Outlook

For traders, the setup remains attractive for both breakout plays and pullback entries. 

Long positions may be considered on a decisive close above $122,600, targeting the $123,306 resistance with potential continuation into uncharted price territory. Stops could be placed under $121,500 for risk control. 

Alternatively, rejection at $123,306 may open short-term shorting opportunities, with profit targets at $117,265. Still, given the bullish alignment of indicators and strong institutional demand, short setups should be approached cautiously.

The Bigger Picture

Institutional flows are increasingly shaping Bitcoin’s path, making the market less reliant on retail speculation and more integrated into global financial systems. 

As van de Poppe points out, the current conditions align with the start of a major bull cycle. Whether the rally sustains will depend on the persistence of ETF inflows, but for now, the convergence of technical momentum and macro capital flows suggests that Bitcoin’s next chapter could indeed be one of price discovery above $125,000.

Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.