By Nermeen Nabil Khear 
Bitcoin’s price has consistently soared, posting huge gains above other top altcoins. Last year, the crypto market leader pulled over a 15% margin on other top assets, widening the gap between altcoins. However, the next level for most bulls remains hitting the $150K mark in this cycle. Last year, BTC’s price hit multiple all-time highs, from the initial Q1 spike to $73K to $107K after the United States Presidential elections.
Analyst Projects $3 Trillion Market Cap For Next Phase
A digital asset analyst, Percival, hinted that for Bitcoin price to tap $150K, the asset’s market cap must soar to $3 trillion. BTC’s market cap currently sits above $2 trillion while its price trades at $98,039. On the other hand, the broader crypto market cap dropped 5% to $3.48 trillion, marking another flash correction.
According to the report, with Bitcoin improving structural dynamics, upward spikes remain in the mix coupled with wider acceptance among centralized finance players. A 2021 bull run cycle chart is needed to hit the mark as bulls ramp up pressure. In 2021, the market cap soared 470% to a new all-time high, while this cycle has recorded only 111% growth. This leaves a pathway for more growth in addition to sentiments backing a $150K price with an expected $1 trillion market cap top.
“By tracing a Fibonacci Expansion from the bottom in November 2022 ($15,450K) to our consolidation in 2024 ($48,934K), we demarcate a target between $136K and $150K, converging with the Realized Price Bands metric, which shows us the same picture regarding the money that was invested in Bitcoin (ex: I have 1 BTC bought at $50K and I will sell at $100K, means a gain and net inflow of $100K in Bitcoin), it becomes a good gauge for the next resistance in Bitcoin,” Percival added.
Bitcoin ETF Still A Lifeline
Percival explained that spot Bitcoin ETFs in the United States remain possible impulses to retail and institutional investors. So far, $40 billion in inflows to these funds represent 4.7% of the realized market cap, and with traditional investors’ appetite on the rise, holders expect more inflows.
Bitcoin ETFs introduced new players to the market, diversifying their portfolios and ushering in another layer of legitimacy. Furthermore, the successes of these products led to applications for multiple altcoin ETFs. However, certain macro tensions and interest rate fears pose a threat to expected gains.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.