Bitcoin Price Prediction: BlackRock's Fink Backs BTC as 'Digital Gold'
- Bitcoin is trading around $113,700 after rejecting $124,000, with the $113,000 trendline support in focus.
- On-chain flows show a net outflow of $185 million, indicating accumulation despite the recent correction.
- BlackRock CEO Larry Fink calls Bitcoin a “legitimate alternative asset,” fueling institutional demand.
Bitcoin is hovering near $113,700 today, consolidating after a sharp pullback from the $124,000 resistance zone. The sell-off has consolidated near $113,500, aligning with the 100-day exponential moving average (EMA) and a critical trend support line that has held back all major corrections since May. Now, the bulls must test $116,500 and regain momentum before deeper declines come into play.
Bitcoin price is testing the support of the lower channel.
BTC Price Analysis (Source: TradingView)
On the daily chart, Bitcoin remains in a broad ascending channel that has been in place since April. The price recently broke through the $124,400 resistance area, where the supertrend turned bearish, triggering short-term profit-taking. The 20-day exponential moving average (EMA) is at $116,630, while the 50-day exponential moving average (EMA) near $115,600 and the 100-day exponential moving average (EMA) at $113,560 now act as cluster support levels.
Momentum indicators point to a bearish trend. The RSI has dropped to 47, signaling neutral momentum after last week's overbought period, while the MACD lines continue to fall below zero, indicating easing buying pressure. The $113,500–$113,000 range remains critical. Holding this level will maintain the broader uptrend, and a breakout could expose the 200-day exponential moving average (EMA) at $108,000.
Flows in the chain show renewed accumulation
BTC Netflows (Source: TradingView)
Coinglass spot exchange data shows a net outflow of $185.23 million on October 14, indicating that investors are withdrawing coins from exchanges, a typical sign of accumulation. Despite the recent correction, the sustained outflow reflects growing confidence among long-term holders.
Historical trends show that such periods of outflow often precede periods of price stabilization, as spot market supply shrinks. This dynamic could limit downside risk, especially as ETF-related purchases and corporate Treasury bonds continue to absorb the circulating supply.
BlackRock CEO Calls Bitcoin a 'Legitimate Alternative Asset'
JUST IN: $12 trillion BlackRock CEO Larry Fink says, “There is a role for crypto the same way there is a role for gold.”
“This is not a bad asset.” pic.twitter.com/PeTORJ3PHB
— Bitcoin Magazine (@BitcoinMagazine) October 13, 2025
In a popular interview on CBS's “60 Minutes,” BlackRock CEO Larry Fink called Bitcoin “a legitimate alternative asset, like gold, for portfolio diversification.” Fink's remarks mark a significant shift in tone, highlighting the growing role of cryptocurrencies in institutional strategies.
He stated, “Cryptocurrency plays a similar role to gold. For those seeking diversification, it's a good asset.” His comments come as BlackRock's Bitcoin ETF continues to see steady inflows, bolstering the perception of Bitcoin as a reliable store of value amid global uncertainty.
Support from the world's largest asset manager lends additional legitimacy to Bitcoin's long-term prospects, potentially offsetting short-term technical weakness. Analysts suggest that such institutional support could serve as a bulwark for market sentiment during periods of volatility.
Outlook: Will Bitcoin Rise in Price?
Bitcoin's immediate path hinges on defending the $113,000 level. On-chain data shows sustained accumulation, while institutional sentiment has turned favorable following Larry Fink's endorsement.
If the price holds above $113,000 and rebounds to $116,500, analysts expect renewed momentum toward $120,000 and $124,000. However, a loss of this zone could lead to a continuation of the correction to $108,000 before new bids emerge. Overall, Bitcoin remains in a healthy consolidation phase within its larger bullish cycle, awaiting confirmation of the next leg of the rally.
Source: cryptonews.net
