Analysts at HTX Research reported that there has been a fundamental shift in the pricing logic of the first cryptocurrency — the market has transitioned from short-term speculation to long-term capital allocation.
According to experts, the first cryptocurrency is forming an independent capital ecosystem and is increasingly viewed as a supranational asset — something between gold and U.S. Treasury bonds.
Currently, the rise in the price of Bitcoin has been supported by institutional investors, including the sovereign fund of Abu Dhabi.
"Bitcoin has surpassed the $100,000 mark for the first time in three months, confirming a previously made prediction about the emergence of a 'liquidity window' in early May," HTX Research stated in their report.
Analysts at HTX Research noted that the yield on 10-year U.S. Treasury bonds hovers around 4.4%, remaining neutral for high-risk assets. As long as this figure does not exceed 4.8%, and the inflow of funds into spot Bitcoin ETFs remains stable, Bitcoin is likely to consolidate in the range of $105,000 to $115,000.