Bitcoin’s price surpassed $94K, igniting retail FOMO but raising correction concerns. Large holders are accumulating BTC, while outflows to exchanges hit a two-year high. Institutional interest is increasing; ARK Invest projects Bitcoin could soar to $300K-$2.4M by 2030. Technical resistance at $95K and support at $87K hint at potential volatility ahead.
Bitcoin’s price soared past the critical $94,000 mark, igniting a surge of enthusiasm among retail investors. This sudden rise has raised eyebrows, sparking concerns about a potential market correction. On-chain analytics firm Santiment highlighted this phenomenon, indicating that a spike in fear of missing out (FOMO) among smaller traders usually occurs close to market highs. Their post on Apr. 25 hinted at a possible $100,000 price target, though they caution it may not happen until FOMO subsides.
Large Bitcoin investors seem unfazed and are continuing to accumulate the cryptocurrency. Santiment shared that wallets holding between 10 and 10,000 BTC have collectively added over 19,255 BTC recently. Notably, since March 22, these significant holders have amassed more than 50,000 BTC, now owning upwards of 67% of total Bitcoin supply, indicating robust confidence in Bitcoin’s long-term potential.
Additional insights come from CryptoQuant, which reported on Apr. 25 that Bitcoin’s outflow from exchanges has reached a two-year peak. The 100-day moving average of netflows to exchanges has plummeted, suggesting that investors are opting for self-custody or cold storage, a move seen as a positive sign for long-term holding.
Institutional interest is on the rise too, with U.S. Bitcoin exchange-traded funds seeing net inflows of $2.68 billion last week, according to data from SoSoValue. With such shifts in market behaviour, many analysts believe these trends may bolster Bitcoin’s price in the near future. Notably, ARK Invest’s recent projection suggests Bitcoin’s value could dramatically range between $300,000 and $2.4 million by 2030, depending on varying adoption factors.
From a technical standpoint, Bitcoin has recently overcome the resistance level at $87,724, bolstered by strong trading volume. Currently, it’s trading around $93,289. The relative strength index sits at 66.10, nearing the overbought zone but still allowing for additional upward potential. Notably, the Bollinger Bands are widening, signalling increased volatility, which could bring about larger price fluctuations in the coming days. Resistance is identified at $95,091.87 while support rests at $87,724. While bullish momentum is showing, some consolidation might occur before the next price surge happens.
