Nansen Sees Room for Another Leg Higher in Bitcoin Price

Nicolai Sondergaard, Senior Research Analyst at Nansen, says Bitcoin has caught a bid and is trading around $86,000 after jumping over 6% today.

According to Sondergaard, there's room for another leg higher as under-positioned traders are forced to chase BTC. He notes that the move above $84,000 doesn't look like clean macro-driven accumulation but rather a combination of ETF demand and a short squeeze.

Sondergaard warns that while large crypto-native holders have not yet fully embraced the rally, under-positioned traders may be forced to buy in, driving prices higher. However, he emphasizes that this is vulnerable to reversal if ETF inflows weaken or Treasury yields rise again.

The next levels for Bitcoin to watch are $87,000 and then $90,000, according to Sondergaard, who wants to see sustained spot and ETF demand to drive the price up further. He also mentions some levels around $92,000 but notes that these depend on external events not disrupting the rally.