Bitcoin may be on the verge of a sharp rally as safe-haven demand builds. Capriole Investments founder Charles Edwards says the $120,000 level is the trigger that could send the world’s largest cryptocurrency to $150,000 before the end of the year.
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“I wouldn’t be surprised if we went up to $150,000 in a pretty short time,” Edwards told Cointelegraph at Token2049 in Singapore. “We have to break out of the $120,000 range. But that’s probably coming, potentially in the next days.”
Bitcoin Pushes Past $120K
Bitcoin has gained more than 6% in the past week, recovering above $118,500 for the first time since mid-August. The bounce aligns with growing appetite for safe-haven assets, as gold also rallied to new highs in recent weeks.
Edwards argued that institutional demand is a key driver of this recovery. He believes that once Bitcoin clears $120,000 convincingly, momentum will accelerate and push the market toward $150,000.
Analysts Weigh Bigger Numbers
Not everyone shares Edwards’ cautious optimism. Some analysts see an even larger move before year-end. Bitwise’s André Dragosch pointed to new US 401(k) retirement plan access to crypto, saying even a 1% allocation could bring $122 billion in capital flows. That, he argues, might be enough to send Bitcoin above $200,000.
Others highlight technical factors, including the emergence of a golden cross pattern on charts, which has historically preceded large rallies.
Bitcoin’s Four-Year Cycle Adds Fuel
Edwards said there is “just over a 50% chance” that Bitcoin will finish the year with three consecutive positive months. He tied this to the widely followed four-year cycle theory, which has become something of a self-fulfilling prophecy as investors anticipate bullish final quarters.
“But at the end of the day, the driving force is the institutional buying, and if that pivots down, my view will be very different,” Edwards cautioned.
History Backs the Bulls
Bitcoin’s track record in the final stretch of the year supports the bullish case. Data from CoinGlass shows average gains of 20% in October, 46% in November, and 4% in December across previous cycles.
Now that safe-haven flows are rising, institutions are circling, and technical signals are aligning, traders are bracing themselves. If Bitcoin clears $120,000, Edwards’ call for a “very quick move” to $150,000 may be tested sooner than many expect.
At the time of writing, Bitcoin is sitting at $119,167.24.
