Bitcoin is once again capturing the financial world's attention as it reached an all-time high of $118K. The price surge is driven by several factors, including the activity of long-term holders and institutional investments.
Long-Term Holders and Market Pressure
According to a recent post by Glassnode, the Bitcoin balance on exchanges continues to decline, indicating a trend largely tied to long-term holders absorbing more BTC than miners are issuing. This means that less BTC is available for trading, creating upward price pressure.
Analysts Predict Further Growth to $135K
Popular crypto analyst MisterCrypto pointed out that Bitcoin is breaking out of a classic bull flag pattern, signaling a continuation of the uptrend. In his analysis, he predicts that the current rally is far from over.
Institutional Investments and Market Support
Institutional investors are also making significant moves. Notably, BlackRock has recently purchased 8,086 BTC valued at over $1 billion. This sizable accumulation from one of the world's largest asset managers signals growing institutional confidence in Bitcoin's long-term value.
The rising interest in Bitcoin among long-term holders and institutional investors lays a firm groundwork for price growth. Experts predict that if current trends continue, Bitcoin's price could reach remarkable heights.
