While Bitcoin skeptics continue their years-long tradition of declaring crypto’s demise, the leading digital asset sits comfortably above $96,000. Despite a recent 1.27% dip in the last 24 hours, Bitcoin’s trajectory tells a story of resilience, with its market cap hovering around a staggering $1.9 trillion.
The 200-week simple moving average sits at $44,200 – well below the previous cycle peak of $69,000. History buffs might find this interesting: past bull markets typically concluded when that 200-week SMA reached previous cycle highs. Do the math. The runway ahead looks long. Bitcoin’s fixed supply limit of 21 million coins reinforces its deflationary nature and long-term value proposition.
Short-term holders have been getting cold feet lately, but their selling pressure is dropping faster than a lead balloon. Only 3,800 BTC were transacted at a loss by these jittery traders. Fidelity’s analysis suggests Bitcoin could reach $1 million by 2030.
Meanwhile, the big boys – institutional investors through spot Bitcoin ETFs – are projected to gobble up 7% of the circulating supply by year’s end. Not too shabby.
The options market is painting a decidedly bullish picture, with significant open interest clustering around the $120,000 strike price. Bernstein analysts are even more optimistic, throwing out a $200,000 target for the end of 2025. Bold? Maybe. Impossible? We’ve seen crazier things in crypto.
What’s particularly telling is the behavior of long-term holders. They’re sitting tight, unmoved by recent price fluctuations like a poker player with a royal flush.
The resistance levels ahead – $98,007, $99,291, $103,613, and $107,107 – seem more like speed bumps than roadblocks given the current momentum.
With spot Bitcoin ETFs projected to reach $190 billion in assets under management this year, and 80% of current flows coming from retail investors, the institutional adoption story is just getting started.
The RSI might be showing neutral-to-bearish at 44.45, but in the grand scheme of things, this feels like the calm before the storm.
