Current trends in the cryptocurrency market suggest possible avenues for Bitcoin's price growth to $118,000. This is indicated by analysts' opinions and data regarding large institutional investments.
Analyst Axel Adler's Forecast
Analyst **Axel Adler** from CryptoQuant suggests that the price of Bitcoin might exceed $118,000. This is contingent on sustained bullish momentum and the absorption of supply pressure near $105,000.
> "If Bitcoin can hold above $100,000 and clear supply pressure near $105,000, many analysts believe a breakout into price discovery could follow. … Significant selling pressure is often triggered when the MVRV reaches 1.25 (target ≈ $118K) and intensifies around 1.35 (≈ $128K)."
$500 Million Institutional Bet
The recent $500 million leveraged position reflects institutional confidence in the bullish forecast. Such substantial trades can fuel price discovery and momentum, promoting further interest in Bitcoin. Market participants, including traders and investors, are increasingly bullish, as evidenced by rising on-chain metrics and strategic allocations.
Historical Trends and Their Importance
Past Bitcoin surges, especially those breaking psychological barriers like $20,000 and $69,000, show patterns that align with the current projections. The Pi Cycle Top Indicator has often preceded such rallies.
Current data aligns with historical trends, indicating Bitcoin could hit new highs if specific metrics are maintained. The Short-Term Holder Market Value to Realized Value (STH MVRV) suggests imminent gains.
Thus, based on the analysis of metrics and historical data, there is a potential for Bitcoin's price to reach new highs, which could significantly impact the market.
