According to a research report by Bitfinex analysts, the price of Bitcoin could surge by 160% in the next 14 months, reaching a cycle top of above $150,000. However, there is also significant selling pressure due to Bitcoin hitting a new high and Short-Term Holders buying above the $60,000 mark.
) price could appreciate over 160% to reach a cycle top of above $150,000, according to a research report by Bitfinex analysts shared with Cointelegraph.
Bitcoin fell 2.2% in the 24 hours leading up to 11:50 am UTC to trade at $70,694. The world’s first cryptocurrency is up over 7.5% on the weekly chart,However, the analysts note that there is more built-up selling pressure than in previous cycles due to Bitcoin hitting aWhile this is a sign of confidence for Bitcoin bulls, it could also introduce significant selling pressure, as 1.87 million BTC, or 9.5% of the circulating supply, was bought above the $60,000 mark.
Bitcoin Price Surge Bitfinex Analysts Selling Pressure Short-Term Holders
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