The price of Bitcoin could potentially reach $143,000 after forming a cup and handle pattern as market participants expect a supply squeeze, and could be on the peak of a strong bullish breakout.
Bitcoin (BTC) was trading at $109,860 on Tuesday. It's nearly 10% higher than this month's lowest point, 50% above the April low.
Santimento data shows that Bitcoin could face a supply squeeze as demand rises. Bitcoin supply on the exchange has dropped to 1.18 million, the lowest level since December 2017.
This supply peaked at 3.25 million in March 2020 and has since fallen free. The decline accelerated this year, with supply coming in at 1.53 million on January 1st.
Bitcoin supply in exchange | Source: Santiment
This trend suggests that more investors are moving their coins into independent wallets.
Meanwhile, recent data shows that demand is rising faster than new coins are mined. Only about 3,150 new Bitcoins are mined every day. Bitcoin Miner currently holds 1.7 million coins, the lowest level since 2010.
At the same time, businesses buy thousands of coins a week, and strategies are leading the price. Other top buyers include Metaplanet, 21, KULR Technology, and Microcloud Hologram.
You might like it too: Tron will begin voting for voting rewards to promote TRX block reduction and deflation
The funds traded on the Spot Bitcoin Exchange are also seeing considerable demand this year. They recorded more than $386 million inflows on Monday, bringing their cumulative total to $44 billion. These ETFs currently hold $131 billion, or 6% of their total supply, Bitcoin.
Thus, an increase in demand and a decline in exchange supply suggests that Bitcoin may be prepared for a strong bullish breakout.
This is in line with the forecast of well-known analyst Crypto Michael, who predicted the bottom was $15,300. He believes the next phase of the biggest bull run may begin this week.
The bitcoin gathering I predicted from 15K to 112K was just a test pump.
The next phase of the biggest bull market in history should begin this week.
The entire crypto market becomes parabolic.
Strap in. https://t.co/zrnh5jts8c
– Crypto Michael (@michaelxbt) June 10, 2025
Bitcoin price technology analysis
BTC Price Chart | Source: crypto.news
Daily charts show that BTC formed a pattern of textbook cups and handles. The top of the cup is $109,220 and the bottom is $74,558.
The price is currently approaching completion of the handle section of this pattern, indicating a further increase. The depth of this pattern is 31%, and when projected from the top of the cup, the target is $143,360.
You might like it too: ETH jumps 8% to staking milestones and ETF inflow spikes and regains $2,700
