Bitcoin continues to surprise the cryptocurrency market by reaching a new record of $112,000. Many analysts are weighing in on future prospects.
Bitcoin Sets New Record
Bitcoin (BTC) has reached $112,000, marking a new high for the leading cryptocurrency after May. This surge has raised expectations for further increases in Bitcoin's value.
Analysts' Predictions for the Future
Kyle Reidhead, co-founder of Milk Road, predicted that Bitcoin could reach $150,000 based on a 'bullish cup and handle' formation on the chart. He stated that this formation signals a potential rise with a brief consolidation period. Meanwhile, analyst CryptoBusy noted that a close above $112,000 could lead to a rise reaching $120,000.
Institutional Investments and Their Impact
Analysts emphasize that the recent Bitcoin rally has been driven by institutional investors. eToro analyst Josh Gilbert noted that current momentum is supported by strong ETF inflows and favorable macroeconomic conditions. Coinstash co-founder Mena Theodorou agreed that this growth has been led by institutional players rather than retail investors.
Currently, Bitcoin is showing a strong upward trend, and analysts expect this trend to continue, highlighting the influence of institutional investments in the market.
