Two-year low!!! Coinbase premium index falls below -0.23%, how will Bitcoin trend in the future?
Bitcoin price breaks through $98,000 for the first time since the end of last year, just one step away from the historic $100,000! Analyst Ali Martinez pointed out that several key indicators show that market bullish sentiment is continuing to heat up.
Among them, the Coinbase premium index fell to a two-year low (-0.23%), indicating that US investors are less willing to pay a premium for Bitcoin. However, this signal is often associated with institutional capital inflows, and institutional buying may be quietly helping this round of rebound. In addition, the net withdrawal of Bitcoin from exchanges exceeded 48,000 (worth more than $4.5 billion) in the past week, suggesting that investors have increased confidence in long-term holdings.
Technically, Bitcoin currently needs to stand firmly on the 50-day moving average ($96,000) to confirm a strong upward trend. If it falls below this level, the possibility of a short-term correction remains. At the same time, Elliott Wave analysis points out that Bitcoin is in the fourth wave of consolidation in a larger bull market cycle. Once it breaks through the sideways range, it may usher in a larger rise in the future.
Will Bitcoin hit the $100,000 mark in the future? The market pulse keeps beating, and Mr. Qiu will keep an eye on the key trends with you! Follow Mr. Qiu, gain insight into the future market, and don't miss this peak feast of the bull market!
