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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
Bitcoin has been experiencing a massive bull run, which has caught many investors off guard. With the token’s price reaching unprecedented levels, it’s crucial for traders and investors alike to understand the underlying reasons that are driving this growth.
The main reason behind Bitcoin’s inability to reach its peak is the current bearish pressure that the asset has been facing since the start of the second fortnight. This sudden change in sentiment has led many analysts to re-evaluate their long-term predictions, leading to a decrease in sell-off and an increase in buying pressure.
On the other hand, institutional investors have shown increased interest in Bitcoin recently, which is driving up its price further. With nearly one million BTC being held by institutions, they are expected to play a crucial role in determining the next course of action for the token’s price.
Another key indicator to look at is the Bitcoin’s RSI pattern. The current levels have been restricted between 76 and 77, indicating that there is still room for growth before reaching its peak.
Source: coinpedia.org
