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A CryptoQuant analyst has recently tweeted that Bitcoin has not yet reached its peak range. The ‘Peak Signal,’ which typically appears at major market tops, hasn’t been observed this time, he added.
Peak signal refers to the metric indicators that say the market is overheated and a corrective phase is approaching
Analyst says the peak signal appears when the combined normalized Market to Realized Price Index and 30 day 365 day Value Days Destroyed ratio score reaches or exceeds 1
The worlds largest crypto rallied past 122000 on Monday driven by renewed institutional interest and favourable policy However it retracted and is now trading at 118231 at press time
Alexander Zahnd interim CEO of Zilliqa calls it a signal that crypto has entered a new phase where institutional confidence is driving consistent demand He emphasized the quality of the rally this time
It is spot driven not built on leverage and it is unfolding in a relatively calm market he told Cryptonews That points to a more mature and resilient structure compared to previous cycles
Bitcoin could eventually hit 130000 if momentum holds
According to Zahnd Bitcoins next bullish key level could be 123200 with room to push toward 126500 and eventually 130000 provided momentum holds However on the downside BTC would plunge toward 115000 or 112000 which could still be healthy in the broader trend he added
At a macro level concerns about rising debt persistent inflation and uncertainty in monetary policy are all reinforcing the idea of Bitcoin as a long term store of value That dynamic isnt going away anytime soon
Only broader institutional participation can propel BTC to 150000 swiftly
Andrejs Balans risk manager of EU based fintech platform YouHodler said that inflows alone will not help propel Bitcoin to 150000 swiftly
A broader shift in institutional sentiment could be a major catalyst to drive BTC prices up Balans told Cryptonews
Though institutional exposure has increased through ETFs and custody services senior banking executives have reiterated their cautious stance describing crypto as an area of interest but not yet a strategic priority
Without a broad shift in institutional sentiment it is unlikely that inflows alone will propel Bitcoin to 150000 swiftly
Source >> Bitcoin ‘Peak Signal’ Not in Yet, Rally May Continue: CryptoQuant Analyst
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