Bitcoin Price Target Revised to $100,000 Amid Renewed Institutional Demand
Crypto analyst Ali Martinez, also known as Ali Charts, is revising his Bitcoin price target to $100,000. This prediction comes after a significant market correction that saw Bitcoin's market capitalization drop by $49.1 billion over the past 24 hours.
Martinez notes that $82,500 is a strong support level and believes it will hold during the ongoing correction. He argues that the 'Bitcoin double bottom' suggests this level will hold as support, with the target remaining at $100,000.
The analyst also points out that Bitcoin's price has shown renewed bullish momentum over the past six months, bolstered by rising institutional demand led by BlackRock-backed spot Exchange-Traded Fund (ETF), iShares Bitcoin Trust (IBIT). The ETF has recorded a net cash inflow of $4.767 billion since July 1.