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Bitcoin (BTC) Price: Retail Investors Still Absent as Institutions Drive New Highs
The cryptocurrency market has witnessed a remarkable surge in the price of Bitcoin, with the asset reaching an all-time high above $122K. This latest milestone has been driven primarily by institutional investment rather than retail investor participation. The absence of retail investors from the market has raised concerns over a potential correction phase once institutional buyers exhaust their allocations.
According to Katie Stockton, founder of Fairlead Strategies, Bitcoin could reach $135,000 before entering a corrective phase. This prediction aligns with other analyst forecasts, including Markus Thielen’s projection of reaching $133,000 based on historical patterns.
Institutional investors have been the primary force behind the recent price surge, driving the market capitalization to $2.4 trillion and surpassing Alphabet’s $2.2 trillion valuation. As institutions continue to accumulate Bitcoin, the asset has now become the world’s fifth-largest global asset.
However, despite these gains, warning signs have emerged in on-chain metrics. The taker buy/sell ratio is significantly skewed towards buyers, with a 7-day moving average at 1.03. This could indicate that any potential short-term pullbacks will not be strong enough to stall the rally.
In addition, data indicates that there has been a significant flow of stablecoins out of exchanges. This may signal a decline in buying power despite ongoing price strength. Nonetheless, institutional accumulation and continued momentum continue to drive the market upward.
As we look ahead, it is crucial for investors to consider these warning signs while monitoring institutional investment activity.
Source: coincentral.com
