Analysts: Bitcoin’s Market Top ’Nowhere Near’ as Price Holds Steady at $120K
Bitcoin's bull run still has legs—despite hitting pause at $120K, top analysts insist the real peak is miles away.
Why the optimism? Institutional inflows, ETF approvals, and that classic crypto FOMO are fueling the fire. Meanwhile, retail traders keep waiting for a 'dip' that never comes—sound familiar?
Key drivers:
- Macro tailwinds: Fed rate cuts (finally) on the horizon
- Supply shock: Halving effects now hitting exchange reserves
- Institutional stampede: BlackRock's BTC holdings surpass MicroStrategy's
One hedge fund manager quipped: 'TradFi guys used to laugh at our Lambo dreams. Now they're begging for seed rounds in metaverse casinos.'
The takeaway? This ain't 2021's meme-fueled mania. The market's deeper, smarter—and still hungry.
Volumes on both centralized and decentralized exchanges ROSE 23% week-over-week, but still aren’t near to the levels during other broad-market rallies in the past, Dorman added.
Looking at the big picture, bitcoin is being propelled higher by excessive sovereign debt and investors seeking refuge from monetary inflation, said Eric Demuth, CEO of Europe-based crypto exchange Bitpanda.
He said BTC rising to €200,000 ($233,000), is "certainly a possibility," but the underlying adoption of the asset carries more importance than price targets.
"What happens when bitcoin becomes permanently embedded in the portfolios of major investors, in the reserves of sovereign states, and in the infrastructure of global banks?," he said. "Because that’s exactly what’s happening right now."
In the next years, Dermuth expect bitcoin's market capitalization to gradually converge to gold's, currently sitting at over $22 trillion, nine times larger than BTC.
