Cryptocurrency investors have suffered losses in altcoins for the past seven months due to stagnant market movements. In order for this trend to change, Bitcoin must surpass its all-time high of $73,777 and reach new peaks. Currently, Bitcoin is hovering above $68,000, giving hope that the boring price movements may soon come to an end. What do experts say?
Bitcoin Supply Shock
There has been a resurgence in demand for ETFs, indicating increased institutional interest and confidence in future prices. Although it hasn’t been a full year yet, the inflow of BTC into ETFs has resulted in a significant accumulation of supply in the reserves of institutional players like BlackRock.
Popular crypto analyst Nic shared insights today about the expected supply shock. In order for BTC prices to reach six-figure targets, there needs to be an increase in demand accompanied by a decrease in supply on exchanges.
Bitcoin and Cryptocurrencies
Titan Of Crypto confidently states that BTC’s price can now focus on the $98,000 target due to the momentum that has been created. The analyst points out patterns from previous years on the chart, suggesting that upcoming phases will be much more exciting.
Benjamin Cowen offers another perspective, emphasizing the importance of his findings for altcoin futures. He notes that in nine out of the last ten quarters, the ETH/BTC pair has had negative performance. Altcoins may only start to rise if ETH faces pressure against BTC.
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Disclaimer: The information in this article should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
