A surge in Bitcoin’s price past $94K has sparked retail FOMO, raising concerns about a possible price correction. A report by Santiment highlights retail traders’ behaviour, while large holders have been accumulating BTC. Positive on-chain trends suggest a long-term holding strategy, and institutional interest is on the rise as well. Analysts predict Bitcoin could reach between $300K and $2.4M by 2030. Technical indicators show the potential for further price movement despite nearing overbought conditions.
Bitcoin has crossed the significant threshold of $94,000, igniting a fresh wave of enthusiasm among retail traders. However, there’s a palpable concern about a potential retreat in prices. According to Santiment, a leading on-chain analytics company, a notable spike in fear of missing out (FOMO) was observed among smaller investors following Bitcoin’s latest uptick. In the post from April 25 on social media platform X, Santiment commented that such crowd behaviour often signals peaks in market activity. Although the dollar figure of $100,000 seems within reach, it remains contingent on calmer market conditions.
On a different note, larger holders have been active in the market, suggesting differing strategies. Santiment also reported that wallets containing between 10 and 10,000 BTC have collectively added over 19,255 BTC in a short window. Since March 22, these influential players have accumulated upwards of 50,000 BTC, thereby increasing their share to 67% of Bitcoin’s total supply. It seems that while retail traders exhibit FOMO, significant holders are taking a more strategic approach.
Meanwhile, on-chain data from CryptoQuant indicated optimistic trends as well. They highlighted a 100-day moving average of Bitcoin netflows to exchanges dipping to its lowest since February 2023. Such a drop hints at significant outflows, suggesting investors may prefer self-custody or cold storage for their assets—reflecting a long-term holding strategy.
Institutional interest isn’t lagging either; recent figures show that U.S. Bitcoin exchange-traded funds saw net inflows of $2.68 billion the previous week, according to SoSoValue data. Analysts speculate that this steady inflow could bolster Bitcoin’s prospects in the near future. Bullish projections have emerged, with ARK Invest issuing predictions that Bitcoin could hit between $300,000 and $2.4 million by 2030, depending on how adoption evolves.
From a technical perspective, Bitcoin has effectively crossed the resistance line set at $87,724, bolstered by solid trading volume. Presently, Bitcoin is trading around $93,289. The relative strength index is nearing an overbought position at 66.10, yet it still allows for potential continued upward movement.
The market displays growing volatility, as indicated by the widening Bollinger Bands, which can translate into larger price fluctuations ahead. Currently, the resistance level stands at $95,091.87, while the support level remains at $87,724. There’s clear bullish momentum at play, but a period of consolidation could be necessary before another push upwards.
