Cryptocurrency investors have faced significant losses in altcoins over the past seven months due to stagnant market movements. For this trend to reverse, Bitcoin
$
68,476
must surpass its all-time high (ATH) of $73,777 to reach new peaks. As of the writing of this article, BTC has been hovering above $68,000, raising hopes that boring price movements may soon come to an end. What do experts say?
Contents
Bitcoin Supply Shock
Bitcoin and Cryptocurrencies
Bitcoin Supply Shock
ETF demand has regained strength, indicating a rise in institutional interest and confidence about future prices. Although it is yet to complete its first year, the inflows of BTC into ETFs have resulted in massive amounts of supply accumulating in the reserves of institutional players like BlackRock.
Popular
crypto
analyst Nic shared insights early today regarding the expected supply shock:
For BTC prices to sprint towards six-figure targets, a rise in demand must coincide with a dwindling 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 created. The analyst, addressing the prolonged dull movements, highlights patterns from previous years in the chart, suggesting that upcoming phases will be much more exciting.
Benjamin Cowen offers another perspective, emphasizing the significance of his findings for
altcoin
futures. He points out that in nine out of the last ten quarters, the ETH/BTC pair saw negative performance.
Altcoins may only begin to rise if ETH comes under pressure against BTC.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
