Bitcoin crashes again below the $96k level, analyst says it was necessary for the $200k level
The current trade price of Bitcoin (BTC), the top Cryptocurrency by market cap, is $96,696. This price level is 1.94% down over the last 24-hour trading period.
Popular Crypto analyst on X (formerly Twitter) named Ali_chart said that currently, Bitcoin’s strong buy wall is very thick, ranging from $99,000 to $97,000. That means it will not be easy to see more corrections or corrections below the $97k level easily.
Another popular crypto analyst called this price correction, a basic step for Bitcoin to step for the next level pump.
As the capital inflow in the Bitcoin market because of institutional investors now increasing rapidly, crypto-friendly Bank Standard Chartered’s Global Head of Digital Assets Research Geoff Kendrick said that the inflow of capital may continue in 2025 & if it happens then surely the trade price of Bitcoin will surge to $200k level easily in the next 12 months.
This was a short-term price prediction for Bitcoin; on the other hand, some long-term big players believe that the trade price of Bitcoin will hit $1 million to $1.5 million in the next 10 years easily.
Bitcoin spot ETF Capital Outflow
On 20 Dec 2024, the Bitcoin spot ETF market saw an outflow of net $277 million, which badly impacted the bull sentiment, but people said that a short & sudden dump in the trade price of Bitcoin was needed in this phase to show more big rally in Jan 2025.
On the same day, Ethereum spot ETF products faced a net outflow of $75.1159.
All these outflows are hints that institutional investors are also in small panic, but simultaneously, big players are waiting for some more corrections to buy Bitcoin at a significantly low price to enjoy the rally.
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