Telegram CEO Pavel Durov said Bitcoin (CRYPTO: BTC) could reach $1 million, pointing to fiat money printing and the cryptocurrency's fixed supply as BTC spiked to $116,500 on Wednesday morning.
Durov's $1M Bitcoin Call
In an interview clip from a podcast with Lex Fridman shared on X, Durov reiterated his long-standing belief in Bitcoin, saying governments “keep printing money like no tomorrow” yet “nobody is printing Bitcoin.”
He added that the fixed issuance makes the asset the "ultimate means of exchange" because it cannot be censored or confiscated.
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Bitcoin Breaks Resistance With Bulls Targeting $130,000
BTC Price Dynamics (Source: TradingView)
Bitcoin's daily chart shows a breakout above descending triangle resistance, with Fibonacci retracements at $113,900 and $116,900 now in focus.
The RSI has risen to 58.9, while all major EMAs (20, 50, 100, 200) are positioned below price between $112,000 and $113,500, creating a strong support cluster.
Near-term resistance stands at $120,800 and $124,500, with scope for an extension toward $130,000–135,000 if momentum holds.
On the downside, failure to sustain above $114,000 would raise the risk of a retest at $110,000–108,000.
Derivatives And On-Chain Flows Show Confidence
BTC Derivative Analysis (Source: Coinglass)
Futures open interest rose 5% to $84.3 billion alongside a 15.7% jump in trading volume, while Binance top traders' long/short ratio climbed to 1.53.
Liquidations added fuel, with shorts losing $145 million in 24 hours compared to $20M from longs.
BTC Netflows (Source: Coinglass)
Spot flows also turned positive, with $190 million in net outflows on Sep. 30 as coins moved off exchanges into long-term storage.
Smaller outflows today reflect consolidation, not reversal, keeping supply pressure tilted bullish.
Uptober History Backs Bitcoin's Rally Momentum
October has historically been one of Bitcoin's strongest months, averaging +20% returns since 2013 with gains in nine of the last 12 years.
Combined with positive technicals and renewed on-chain accumulation, the seasonal trend reinforces the current rally narrative.
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