Bitcoin Price Target Reaffirmed at $100,000 Amid Renewed Institutional Demand

Crypto analyst Ali Martinez has reaffirmed his Bitcoin price target of $100,000. In an X post on September 23, he noted that despite a market capitalization drop of $49.1 billion over the past 24 hours, the current price of around $83,120 presents a potential 20.31% upside.

Martinez cited the formation of a double bottom pattern in BTC's daily chart, suggesting that the $82,500 support level is likely to hold during the ongoing correction.

The analyst attributed renewed institutional demand, particularly from BlackRock's iShares Bitcoin Trust (IBIT), as a key factor bolstering his price target. Since July 1, IBIT has seen a net cash inflow of approximately $4.767 billion, increasing its net assets to $67.25 billion.

As of the time of writing, US spot BTC ETFs have around $108.66 billion in total net assets, up $6.06 billion over the past three months, according to SoSoValue metrics.