Bitcoin’s value currently stands at $95,646, showing a 7.89% decrease from its recent peak. Despite a minor daily drop of 0.52%, the reduced selling pressure suggests a possible opportunity for further growth.
According to CryptoCrypto, Bitcoin’s retreat to the $90,000 range aligns with its overall positive trend, indicating a potential upward movement in the near future.
Bitcoin Forecast: Potential Rally Towards $168,000
Analyst Ali Charts predicts a bullish trajectory for Bitcoin, despite its recent price decline.
The current price adjustment is seen as part of a larger market structure that might drive the cryptocurrency towards the $168,000 level—calculated using the Mayer Multiple (MM) metric.
The Mayer Multiple, accessible on Glassnode, estimates possible market peaks and troughs by dividing Bitcoin’s current price by its 200-day moving average.
As per this metric, the potential peak sits at an MM of 2.4 (red line), approximately $168,494, while the bottom lies at 0.8 MM (green line), around $56,141.
It is crucial to understand that the current Mayer Multiple, at 1.3, signifies a fair value for Bitcoin but does not directly dictate market movements.
With a potential climb towards the MM peak of 2.4, Bitcoin could aim for $168,494, entering an overvalued domain.
Steady Bitcoin Support from Institutions and Major Investors
Institutional and large investors play a significant role in maintaining Bitcoin’s price stability, with recent data indicating a growing interest from these sectors as the cryptocurrency re-emerges in the spotlight.
According to CryptoQuant, these entities have notably increased their share in Bitcoin’s Known Entities Cap Table, rising from 14% to 31% in the latest report.
Continued buying trends from this segment could have a positive impact on Bitcoin’s trajectory, strengthening its position in mainstream financial markets.
Analysis by CryptoCrypto on U.S., Korean, and traditional investors indicates a prevailing bullish sentiment, reflecting sustained confidence in Bitcoin’s potential.
Rise in Bitcoin Investments by Korean Participants
Korean investors have displayed a significant surge in Bitcoin purchases in the last 24 hours, reaching levels not seen since August. The current Korean Premium Index reading has risen to 5.26 from a negative 0.37 in mid-December.
This heightened buying activity indicates ongoing accumulation, likely to impact Bitcoin’s price positively in the upcoming trading sessions.
Contrastingly, U.S. investors have shown reduced interest, evident from a drop in the Coinbase Premium Index, currently at -0.1035, signaling a slowdown in buying activity.
Likewise, the Fund Market Premium Index, monitoring institutional Bitcoin transactions, aligns with this cautious sentiment, standing at -0.759 and confirming the decrease in institutional demand.
If U.S. and institutional investors resume buying, combined with the positive momentum from Korean investors, Bitcoin’s price could see an upturn towards the $100,000 territory.