Cryptocurrency analyst Axel Adler shares his insights on the current state of the Bitcoin market, trading at $117,000.
Current Bitcoin Price
As of today, Bitcoin is trading at $117,000, which falls within a growth zone between the 'Investor Price Average' of $92,000 and the 'Hype Alert' level of $139,000. This indicates that investors show confidence in the market and are inclined to maintain or increase their positions as long as the price remains within this comfort zone.
Market Optimism
Adler pointed out that the extreme optimism level has not yet been reached, suggesting there is still room for the price to rise to $139,000. The 30-day moving average of the Fear and Greed Index has returned to 'optimism' territory and currently stands at 72. This ratio suggests we have not yet reached the extreme greed zone of 75-80, seen during the local peaks in March and December 2024. According to Adler, bulls still have significant room to maneuver to push the price higher.
Macroeconomic Factors
The analyzed macroeconomic backdrop also signals positive signals for Bitcoin. Retail growth, a stable labor market, and falling inflation expectations support the bullish structure. Additionally, institutional investor inflows are contributing to this optimistic outlook. Adler notes that Bitcoin is consolidating below $123,000 and has the potential to test the $125,000–$130,000 levels with low inflows and moderate profit-taking.
The current situation in the Bitcoin market demonstrates sustained optimism among investors, along with encouraging macroeconomic indicators. This creates conditions for potential further price growth.
