4 Elements Enhancing the Case for a BTC Price Rally to $120K
The post 4 Elements Enhancing the Case for a BTC Rate Rally to $120K appeared on BitcoinEthereumNews.com. Multiple analysts have actually pointed to $120,000 as bitcoin’s cost target this year. Current developments have actually strengthened that bullish case, driven by four key factors: the spot rate, reserve bank policy, energy market pattern, and technical setup. Let’s have a look at those in detail.
BTC’s Love Affair with $100K
Recently, a crypto trader stated that the best marketing for any asset is its price, highlighting an idea which resembles famous trader George Soros’ theory of reflexivity. Soros discussed that market perceptions and prices develop a feedback loop – higher prices attract more buyers, which in turn drive prices higher, often far beyond what fundamentals suggest. In this context, bitcoin’s durability, marked by prices holding mostly above $100,000 through the Iran-Israel dispute and the U.S. airstrike on Iran, is its greatest appeal. The steadfastness suggests underlying strength, which might assure holders while attracting new buyers, possibly fueling the next leg higher in prices. Brief dips below $100,000 seen in the previous 48 hours saw investors step in with bids, exposing the ‘buy the dip mentality.’ ‘We are seeing exchange outflows, so it is likely that people, despite being retail or institutions, are buying the dip. Normally, when it comes to war and other external factors that disrupt things globally, there tend to be heavy short-term dips, which later rebound depending on the intensity and how the situation is communicated. So far, I’d say we are seeing the situation play out similarly here,’ Nicolai Soendergaard, research analyst at Nansen, told CoinDesk in an email Monday. Meanwhile, data tracked by Glassnode shows weak hands began selling on June 10, while conviction buyers turned to bargain hunting. ‘Since June 10, BTC investors categorized as Loss Sellers rose 29% (from $74K to $95.6K), showing growing pressure on weak hands. …
