The Bitcoin price is pushing close to the $100,000 mark, trading above $98,000 for the first time since December. Analyst Ali Martinez notes crucial metrics indicating further bullish momentum for Bitcoin as the market recovers.
The Coinbase Premium Index has dropped to -0.23%, marking its lowest in two years. This index measures price differences between Bitcoin on Coinbase and other exchanges. Despite a negative premium suggesting less U.S. investor willingness, the current rebound could indicate rising institutional interest.
Additionally, 48,000 BTC, worth over $4.5 billion, were withdrawn from exchanges recently. This trend indicates bullish sentiment among investors, despite a minor correction late last year. Martinez emphasizes Bitcoin should stay above the 50-day MA of $96,000 to avoid downward corrections.
The Elliott Wave Academy supports this view, stating Bitcoin is in a bullish cycle's fourth wave. A breakout surpassing wave three could push Bitcoin's price between $117,475.70 and $138,058.37. A sideways pattern is expected before this upward move.
Overall, Bitcoin's trajectory shows promise with exchange withdrawals, low Coinbase Premium Index, and positive Elliott Wave analysis. Investors should watch critical price levels as these may determine market direction. Bitcoin is currently trading at $98,320.
