Bitcoin Price Targets $120K Amid Increased Demand from Whale Investors
Bitcoin price rebounded above $102K after a correction, recovering over 5% from a low of nearly $98K. This movement coincided with the closing of a dragonfly Doji candlestick and a bounce off the 50-day Moving Average (MA), reducing concerns about a short-term reversal.
- Bitcoin is entering a price discovery phase, with analysts predicting a potential new all-time high around $120K.
- The demand for Bitcoin from long-term investors has surged, reflected in reduced supply on exchanges, now at approximately 2.17 million coins.
- BlackRock’s IBIT ETF reported a net cash inflow of $64 million despite overall outflows in the market.
- MicroStrategy announced plans to enhance its Bitcoin reserves through a new stock offering to acquire more BTC.
- Metaplanet aims to raise funds to accumulate 10K Bitcoins by 2025 and 21K by 2026.
In legislative developments, Arizona is moving forward with a bill to create a strategic Bitcoin reserve, supported by Senator Wendy Rogers. This could increase demand as states and federal entities consider Bitcoin reserves.