Is the price of Bitcoin on its way to $120,000?
The price of Bitcoin surpassed the $112,000 level on May 22, in a rise attributed mainly to disciplined institutional accumulation rather than the usual retail speculation.
Analysts at "Santiment" expect the price of Bitcoin to continue its climb towards $115,000–$120,000, especially as it becomes a key component in institutional investment portfolios.
The wave of institutional investments, driven by a decline in media noise around retail, has reshaped the market structure.
Exchange-traded funds, particularly the "IBIT" fund from "BlackRock", stand out as a key driver, with its holdings exceeding 636,000 Bitcoins – surpassing all other American funds combined.
Major institutions like "Citadel" have also expanded their participation through this fund.
In contrast, companies like "MicroStrategy" and "Metaplanet" continue to bolster their holdings, with investments exceeding $860 million recently.
Despite concerns about market concentration around major funds like IBIT, observers see this trend as a reflection of maturity in the market.
With Bitcoin rising by 25% over the past month and 58% year-on-year, the currency is moving towards a price discovery phase, supported by a decline in retail interest and the dominance of institutional capital.
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