World Events

Panoptic Pen

Bitcoin’s $100,000 Target: Analysts Predict Sideways Range to End Soon

TLDR

  • Bitcoin’s price has been consolidating within a narrow range between $60,000 and $72,000 for over 10 days, with traders expecting a potential breakout.
  • Historical data and the MVRV (Market Value to Realized Value) indicator suggest that Bitcoin could still reach new highs this cycle, possibly above $100,000.
  • Institutional interest in Bitcoin remains high, with inflows into crypto investment products reaching $2 billion in May and surpassing $15 billion year-to-date.
  • Bitcoin briefly broke past $70,000 on Monday but is still waiting for new catalysts to move prices, with macroeconomic data likely to influence its trajectory.

Bitcoin, the world’s largest cryptocurrency, has been trading sideways for more than a week, with its price consolidating between $60,000 and $72,000.

This narrow range has left market participants eagerly anticipating a potential breakout.

Despite the sluggish trend, analysts remain optimistic about Bitcoin’s future price action, with some even suggesting that the cryptocurrency could reach new all-time highs in the coming months.

Historical data and the MVRV (Market Value to Realized Value) indicator provide insights into Bitcoin’s potential price trajectory. According to a CryptoQuant analyst, an MVRV value under 2 indicates an ongoing accumulation zone, while a value above 2 suggests that the market is heading towards a new price peak.

With the current MVRV value sitting at 2.3, the analyst believes that Bitcoin’s price is still poised to soar significantly until it reaches a fair value, which could be above $100,000.

Institutional interest in Bitcoin has remained strong, further supporting the bullish sentiment.

A report from CoinShares reveals that inflows into crypto investment products reached $185 million last week, with total inflows surpassing $2 billion in May and $15 billion year-to-date.

This surge in inflows is largely attributed to institutions and long-term investors increasing their exposure to spot Bitcoin ETFs.

Despite the positive indicators, Bitcoin’s price action has been somewhat subdued recently.

On Monday, the cryptocurrency briefly broke past the $70,000 mark but quickly retreated as losses piled up over the last 24 hours. Analysts believe that Bitcoin is waiting for new catalysts to move prices, with macroeconomic data likely to play a significant role in its trajectory.

The upcoming release of April employment data on Friday could potentially impact bond yields and, consequently, the crypto sector.

As Bitcoin continues to trade sideways, smaller cryptocurrencies, or altcoins, have shown mixed performances. Ethereum, the second-largest crypto, has experienced gains over the past month but recently faced a slight pullback. Other altcoins, such as Solana and Cardano, have seen modest gains, while Dogecoin has experienced a minor decline.

Looking ahead, traders and analysts remain confident in Bitcoin’s long-term prospects.

Independent analyst Titan of Crypto noted that the months following Bitcoin’s halving have historically been bullish, adding that the coming months are “exciting.”

The post Bitcoin’s $100,000 Target: Analysts Predict Sideways Range to End Soon appeared first on Blockonomi.

from Blockonomi https://ift.tt/h7mCFNd

yunusemrejr

, ,