
Top Reason Why Bitcoin Bull Run is Yet to Mark the Peak-BTC Price Primed to Reach $115K Before Entering the Bear Market
The cryptocurrency market has been witnessing a remarkable bull run, with Bitcoin (BTC) being at the forefront of this trend. Despite the recent correction, investors are still optimistic about the future price action of the asset. According to recent reports, it is now clear that the Bitcoin price is primed to reach $115K before entering the bear market.
One major factor supporting this thesis is the rise in institutional demand for BTC. This growth has led to a significant depletion of exchange reserves, which in turn is fueling the ongoing bull run. In fact, data shows that nearly one million BTC have been held by institutions, and it seems that these entities are now starting to sell their holdings.
Another crucial factor is the historical price pattern. Recent analyses suggest that this current bull run is yet to mark its peak. The RSI pattern remains below 94, indicating that there may be still some room for growth before a bear market sets in.
Additionally, stablecoin reserves have surged to $45 billion, which further reinforces the thesis that Bitcoin’s bull run has not yet reached its climax. As we enter the New Year, investors are anticipating explosive price action as these factors come together to create a perfect storm of market conditions.
In conclusion, it is likely that the Bitcoin (BTC) price will continue to climb before entering the bear market. The recent surge in institutional demand and the historical price pattern both support this thesis. Furthermore, the rise in stablecoin reserves adds an extra layer of credibility to this prediction.
Source: coinpedia.org