Indications pointing towards a potential Bitcoin surge to $110,000.
Rewritten Article:
Get ready for a wild crypto ride! According to some hot data drops, bigwig Bitcoin investors are snatching up a bucketload of coins, possibly pushing the price to an eye-popping $110,000. On the flip side, little fish investors seem to be cashing out, selling their Bitcoins left and right.
Recent stats from a popular analytics platform indicate that in just the past 30 days, investors holding between 10 to 10,000 BTC hoarded a staggering 83,000 BTC. It's a different story for those with less than 0.1 BTC, as they've been shedding 387 coins – a tiny amount for big-time investors but significant relative to their total wealth. This selling could signal a local peak, but whales' continued buying suggests the uptrend could carry on, possibly driving Bitcoin closer to its all-time high.
Macroeconomic vibes are also adding fuel to the crypto fire. The recent 90-day suspension of U.S.-China tariffs has created a feel-good atmosphere in markets. Consequently, Bitcoin shot up to $104,710 before taking a breather at $102,500.
On-chain data reveals a mixed picture. Although investor profits have increased, the pace of momentum buying has slowed down. Demand from new investors remains high, but the market needs more entry points to sustain the uptrend.
In terms of institutional appetite, it's insatiable. A strategic firm snatched up a whopping $1.34 billion worth of Bitcoin on May 12, boosting its stash to a whopping 568,840 BTC - that's roughly 2.86% of the floating supply. Adding to the Buying frenzy, Japanese company Metaplanet purchased an additional 1,241 BTC, bringing its total to 6,796 BTC. Over the past month, Bitcoin spot ETFs attracted a net inflow of $2.03 billion.
Technical analyses also paint a bullish picture. Bitcoin is currently perched above the 10-day and 50-day exponential moving averages (EMAs), triggering "buy" signals from both. The Relative Strength Index (RSI) value lies at 68, suggesting the price might bump up against $105,000 to $106,300 resistance. Should this level be breached, $110,000 could be the new target.
If the price dips below the $97,600 or $94,000 levels, a retreat to $89,800 could happen. This range serves as both a lower Bollinger Band and a robust demand zone.
P.S.: Sign up via this exclusive link to score a cool $600 reward from Binance! Check out the details below:
- Bitcoin (BTC) News
- Telegram
Enrichment Insights:- The chances of Bitcoin reaching $110,000 increase due to factors such as institutional buying, long-term investor behavior, macroeconomic conditions, and technical indicators.- The Bitcoin halving in April 2024 reduces the mining reward, leading to supply shortage. This, combined with increased demand, supports higher price predictions.
1.The insatiable institutional appetite, as demonstrated by strategic firms and companies like Metaplanet, is continually investing in Bitcoin technology, contributing to an uptrend, possibly pushing its price towards the forecasted $110,000.
2.As technology advances and finance evolves, many investors are turning to blockchain-based investing, such as Bitcoin, with the hope of capitalizing on its potential growth, aided by positive macroeconomic conditions and technical indicators.
