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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 an unprecedented surge in recent times, with Bitcoin (BTC) being at the forefront of this rally. The price of Bitcoin has reclaimed $95,000 ahead of the yearly close, displaying a growth of over 3%. While many may be tempted to predict that the current bull run has reached its peak, it appears that there is still much room for growth before we enter a bear market.
According to experts, one of the primary reasons why Bitcoin’s price is yet to mark the peak is due to institutional investors continuing to show significant interest in acquiring more BTC. The exchange reserves have been experiencing a massive drain since the start of the year, indicating that institutions are not yet done accumulating their holdings.
Additionally, there has been a notable rise in stablecoin reserve, reaching $45 billion. This surge in stablecoin supply can be attributed to institutional investors hedging against the uncertainty surrounding future price movements. As more institutions continue to diversify their portfolios by purchasing BTC, this could further drive up its value and propel it beyond its current all-time high.
Furthermore, historical data suggests that whenever Bitcoin has reached a new all-time high, it has subsequently experienced significant growth before entering a bear market. Therefore, based on past trends, it is not unlikely that we may see the price of BTC continue to rise before reaching its peak.
In conclusion, institutional investor interest and the rise in stablecoin reserves are two key factors that indicate Bitcoin’s bull run is far from over. With the possibility of the price reaching $115K or even higher, investors would be wise to consider holding onto their investments for now rather than selling at what may turn out to be a temporary peak.
Sources: Coinpedia
Source: coinpedia.org
