Bitcoin’s price reaches $95,716, up 1.99% in 24 hours, driven by institutional investments, significant whale accumulation, key technical shifts, and positive market sentiment. ARK Invest elevates its 2030 price target to $2.4 million due to growing confidence in Bitcoin’s future.
Bitcoin (BTC) is currently trading at around $95,716 USD, as reported at 11:09 a.m. ET this Friday, showing a 1.99% increase over the last 24 hours. Earlier today, the cryptocurrency soared to an intraday high of $95,165 before surpassing the $95,000 mark, highlighting a growing positive momentum in the market.
A few key factors are driving Bitcoin’s price increase. Firstly, there has been a notable influx into spot ETFs, with over $2.2 billion added this week alone. This influx is a strong indicator of institutional interest and confidence in the long-term viability of Bitcoin.
Additionally, on-chain data demonstrates significant accumulation among major holders of Bitcoin, often referred to as “whales.” Those entities holding more than 10,000 BTC are reportedly increasing their positions, signalling a bullish sentiment from these investors.
Another important factor is a recent technical breakout. Bitcoin has effectively transformed a key resistance level into new support, as confirmed by recent price action trends. This is crucial for traders, as the solidified support zone is seen as a bullish signal for future price stability.
Market sentiment also appears to be on the rise, with the global cryptocurrency market cap now standing at $2.92 trillion. Positive overall sentiments are reflected in other altcoins too, such as SUI and STX, which have witnessed significant gains, indicating a more robust market environment.
Moreover, ARK Invest has revised its 2030 Bitcoin price target to as high as $2.4 million. This revision is based on growing institutional adoption and a decrease in exchange balances, which they see as supportive factors for this optimism.
So, where does Bitcoin head next? Its recent upswing seems powered by institutional investments, accumulation by whales, encouraging technical indicators, and a generally uplifting market vibe. All these elements lay a solid groundwork for possible continued growth in the foreseeable future.
