Bitcoin Price Eyes $124K Breakout as Accumulation Surges and Institutional Momentum Returns

Bitcoin (BTC) is showing renewed strength as accumulation intensifies across all wallet cohorts, from small retail holders to large-scale whales. On-chain and technical indicators suggest a strong bullish setup, with BTC/USD now targeting a breakout to a new all-time high near $124,000.

This renewed momentum comes as a convergence of investor activity, bullish chart patterns, and favorable macroeconomic and regulatory signals fuel optimism in the crypto markets.

Unified Accumulation Across Bitcoin Wallet Cohorts

According to on-chain data from analytics firm Glassnode, every major Bitcoin wallet category is in accumulation mode. The “Trend Accumulation Score by Cohort” chart shows deep red zones across the board, indicating aggressive buying behavior from both small-scale holders and institutional investors.

Particularly noteworthy is the return of mega-whales—wallets holding over 10,000 BTC—to high-conviction accumulation. Historically, this cohort has had a strong track record of buying before major price rallies. Their last significant accumulation was in December 2024, preceding Bitcoin’s surge from $70,000 to above $100,000.

Mid-range holders (10–1,000 BTC) and retail investors (<1 BTC) are also increasing their positions, suggesting a broad-based belief in Bitcoin’s upside potential. This level of synchronicity among cohorts is rare and often signals the early stages of a major upward move.

Technical Breakout Imminent: $124K in Sight

On the technical side, Bitcoin is on the verge of a breakout from a symmetrical triangle pattern on the 4-hour chart. This continuation pattern typically precedes a strong price move in the direction of the prevailing trend—which in this case, is bullish.

A breakout above the triangle’s upper trendline would confirm the bullish continuation and put $124,000 within reach—a level just beyond BTC’s previous all-time high. The Relative Strength Index (RSI) remains healthy at 57, indicating that there’s still room for upward movement without overbought pressure.

Macro Tailwinds: Regulation, Rate Cuts, and ETF Inflows

Several macroeconomic and policy-driven catalysts are aligning in Bitcoin’s favor:

• Regulatory Clarity in the U.S.: The advancement of crypto-friendly legislation, including the FIT21 framework and a stablecoin oversight bill, is creating a safer environment for institutional investors to enter the market.
• Federal Reserve Rate Cuts: Market expectations for a potential interest rate cut in September are weakening the U.S. dollar, boosting Bitcoin’s appeal as a hedge against inflation and fiat currency depreciation.
• ETF Inflows: Spot Bitcoin ETFs continue to see robust inflows, providing constant buy-side pressure and validating Bitcoin as an institutional-grade asset.

Institutional Expansion: Charles Schwab’s Bold Move into Crypto

Adding further momentum, brokerage giant Charles Schwab has announced plans to roll out spot Bitcoin and Ethereum trading within the next 12 months. With over $10.7 trillion in assets under management, Schwab’s entry into crypto is expected to dramatically increase institutional exposure and mainstream acceptance.

CEO Rick Wurster emphasized that the firm is leveraging evolving regulations to stay competitive with peers like Fidelity and Robinhood. The integration will enable clients to trade digital assets directly, aligning Schwab with the growing demand for crypto investment options.

This move could reshape the traditional finance landscape and pave the way for broader crypto adoption across brokerage platforms.

Bitcoin’s Institutional Integration Goes Mainstream

Schwab isn’t the only firm pushing Bitcoin into everyday use. Block Inc. (formerly Square), headed by Jack Dorsey, is set to join the S&P 500 and has added Bitcoin payment functionality to its Square terminals. This follows a wider trend—nearly 75% of U.S. retailers plan to accept digital currency within two years, according to Deloitte.

This growing real-world integration further supports Bitcoin’s transition from a speculative asset to a mainstream financial tool.

All Signs Point to a Bitcoin Supercycle

With accumulation rising across all wallet sizes, bullish technical signals forming, and institutions doubling down on crypto infrastructure, Bitcoin’s next move appears primed for a breakout. A decisive push above the symmetrical triangle could trigger a rally toward $124,000—marking not only a new all-time high but also a broader shift in how digital assets are adopted and valued in global finance.

Investors should keep a close eye on key resistance levels, ETF inflows, and macroeconomic developments as Bitcoin sets the stage for what could be the next leg in its ongoing bull cycle.