Bitcoin's price action has been as boring as watching paint dry, stuck in a tight range between $92,400 and $106,500 for over two months. Despite billions in institutional inflows, Bitcoin is trading sideways, like a toddler stuck in a time-out. Samson Mow, CEO of Jan3, suggests this could be some sort of price suppression, saying, "It just looks very manufactured." It's like watching a game of financial chess, where someone is always selling to keep the price in check. 💸
Despite the stagnation, industry watchers are as optimistic as a kid on Christmas morning, predicting Bitcoin's price to hit between $160,000 and above $180,000 for 2025. The crypto market saw another key development this week as FTX began repaying creditors, distributing over $1.2 billion to claimants. However, repayments are being made based on Bitcoin’s price from November 2022, when it was trading near $20,000. Some analysts believe this could create additional selling pressure as recipients of these repayments seek to realize their gains. It's like a game of financial whack-a-mole, where every time you think the price is about to move, someone sells and keeps it in check. 🎯
