- The Mayer Multiple, a widely followed price indicator, suggests that BTC has significant upside potential.
- Premium indices reveal notable buying activity from Korean investors, which has supported BTC’s price action.
Bitcoin (BTC) was trading at $95,646 at press time, down 7.89% from its high last week. Even though the daily decline amounts to a modest 0.52%, this indicates that selling pressure has eased, potentially creating space for further gains.
According to AMBCrypto, the pullback towards the $90,000 range aligns with Bitcoin’s overall bullish trajectory as the asset eyes a move towards higher levels.
Bitcoin Price Prediction: BTC Poised to Bounce to $168,000
According to analyst Ali Charts, Bitcoin remains on an upward trajectory despite the recent price decline.
This current price correction is seen as part of a larger market structure that could propel the cryptocurrency into the $168,000 region, a potential peak derived from the Mayer Multiple (MA).
The Mayer Multiple, an indicator available on Glassnode, calculates potential market highs and lows by dividing the current price of BTC by its 200-day moving average.
Based on this metric, the potential market top is indicated at a 2.4 MA (red line), corresponding to approximately $168,494. Meanwhile, the bottom is set at 0.8MM (green line), or $56,141.
It is important to note that the Mayer multiple, currently at 1.3, reflects a fair valuation of BTC but does not directly dictate the direction of the market.
However, with room to move towards the 2.4 MA peak, BTC could rally back to $168,494, a level that would put it in overvalued territory.
Institutions and large investors keep BTC intact
Institutional and large-scale investors play a major role in maintaining the Bitcoin price range. Recent data highlights a surge in interest from these entities as the cryptocurrency regains popularity.
According to CryptoQuant, this group significantly increased its share in Bitcoin’s known entity cap table, from 14% last year to 31% at the time of the report’s release.
If this buying trend continues, it could have a positive impact on Bitcoin’s trajectory by further strengthening its position in traditional financial markets.
AMBCrypto’s analysis of U.S., Korean, and mainstream investors found that bullish sentiment persists, suggesting continued confidence in BTC’s potential.
Korean Investors Accelerate Their Bitcoin Purchases
Over the past 24 hours, Korean investors have seen a sharp increase in BTC buying activity, with a peak last seen in August. The current Korean Premium Index reading rose to 5.26 from negative 0.37 on Dec. 15.
This level of increased buying activity indicates continued accumulation, which could soon be reflected in the price of BTC, potentially causing it to rise in future trading sessions.
In contrast, US investors showed less interest, as indicated by the decline in the Coinbase Premium Index. The index remains in negative territory at -0.1035, a sign of a slowdown in purchasing activity.
Read Bitcoin (BTC) Price Prediction 2024-25
Likewise, the Fund Market Premium Index, which tracks institutional buying and selling of Bitcoin, reflects this bearish sentiment. It currently stands at -0.759, reinforcing the decline in institutional demand.
If U.S. and institutional investors return to buying, their participation, combined with the bullish momentum of Korean investors, could push the price of Bitcoin up to the $100,000 region.