Recently, Bitcoin's price exceeded $87,000, marking a significant event after a two-week hiatus. However, analysts have mixed opinions about future prospects.
Reasons for Bitcoin's Rise
Bitcoin was priced at $87,525, indicating a rise of over 2.4% in the past 24 hours. This marked a sharp recovery from a fall to $74,500 earlier this month.
Institutional Investments and Liquidity
Kronos Research analyst Dominick John linked the recent surge to rising global money supply and institutional accumulation, particularly by Michael Saylor, who recently announced the purchase of 3,459 BTC. 'Bitcoin's rise above $87,000, increased global liquidity... and renewed institutional interest are tightening the available supply,' he noted.
Cautious Sentiment Among Analysts
Despite the current spike, analysts are cautious. Peter Chung, research director at Presto Research, pointed out that ongoing U.S. trade talks remain a significant source of uncertainty affecting market sentiment.
Bitcoin's rise above $87,000 may indicate interest from institutional investors, but the overall market sentiment remains cautious due to macroeconomic uncertainties.
