Bitcoin's growth potential continues to attract attention from analysts and investors. Recent data points to the cryptocurrency solidifying its position, despite short-term corrections.
Analysis of Bitcoin's Bullish Trajectory
Analyst Ali Charts suggests Bitcoin remains on a bullish trajectory despite recent price corrections. The Mayer Multiple indicator, based on the ratio of Bitcoin's current price to its 200-day moving average, shows potential for the cryptocurrency to reach $168,000.
Role of Institutional Investors
Institutional investors play a significant role in maintaining Bitcoin's current price range. Their increased interest in Bitcoin is evident in the rise of their share in Bitcoin's Known Entities Cap Table from 14% to 31%, supporting the bullish market sentiment.
Impact of Korean and American Investors
Korean investors show a major surge in Bitcoin buying activity, as reflected in the Korean Premium Index. Meanwhile, U.S. investor interest has decreased, as seen in the decline of the Coinbase Premium Index. A return of interest from these groups could enhance the bullish momentum.
The overall positive outlook from key investors, especially from South Korea, combined with the Mayer Multiple indicator, suggests a possible future Bitcoin rally. However, institutional and U.S. investor engagement remains a crucial factor.
