Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is on the verge of moving past $100,000, having set a new all-time high of $99,502 as it inches towards a significant milestone. BTC’s latest surge has led to growing interest from retail and institutional investors. This has driven record inflows into spot Bitcoin ETFs, which have posted record inflows over the past week as investors pour money into them. Data from Coinbase has shown a surge in institutional interest from hedge funds, institutions, and investment advisers. Bloomberg ETF analyst Eric Balchunas stated that the “Bitcoin Industrial Complex,” publicly traded companies with direct or indirect exposure to Bitcoin, posted $50 billion in trading on Wednesday. Crypto-related stocks have also witnessed a surge in investor interest, with MicroStrategy’s stock rising 500% during the current year.
BTC’s move towards $100,000 has gathered pace over the past few days, with the world’s largest cryptocurrency on a bullish tear this week. BTC ended the previous week on a negative note, dropping by 0.73% to slip below $90,000 and end the weekend at $89,464. However, sentiment changed on Monday as buyers returned to the market thanks to positive developments and Trump’s pro-crypto cabinet picks. As a result, BTC registered an increase of 1.17% to reclaim $90,000 and settle at $90,509. Buyers retained control on Tuesday, rising by 2.15% and settling at $92,458. BTC went past the crucial $93,000 level on Wednesday after posting an increase of 1.89% and settling at $94,204.
Source: TradingView
Bullish sentiment intensified on Thursday as investors anticipated a climb to $100,000 as BTC crossed $95,000. BTC eventually posted an increase of 3.80% and settled at $97,784. BTC surged to an intraday high of $99,502 as buyers continued to prop the price higher. However, the price has registered a marginal decline and is currently trading at $98,770. While BTC is on the verge of hitting the $100,000 milestone, experts believe the cryptocurrency may not sustain itself above that level.
Despite surging interest from retail investors and institutions, some, like Galaxy Digital Chief Executive Mike Novogratz warned of an impending correction, stating,
“The crypto community is levered to the gills, and so there will be a correction.”
Analysts believe the correction could take BTC to $80,000, a 20% decline from current levels
