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  • Chandan Gupta
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    Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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    Bitcoin Eyes $200K with $2.28 Trillion Inflow: Report

    Story Highlights
    • The Bitcoin market is likely to attract a significant $2.28 trillion in the next few years.

    • Bitcoin price could soar to the $96,500 level in the coming days.

    • If BTC fails to hold $92,000, it could decline to the $84,500 level.

    Currently, Bitcoin, along with major cryptocurrencies, is undergoing a significant price correction following notable upside momentum in recent days. Amid this development, OKG Research has made a bold prediction for Bitcoin (BTC), providing full validation for their analysis.

    Bitcoin to Attract $2.28 Million 

    In a recent report, the research firm noted that, as of now, only 0.01% of listed companies worldwide hold BTC. Additionally, they stated that considering recent Bitcoin adoption trends, the Bitcoin market is likely to attract a significant $2.28 trillion in the next few years.

    The research firm predicted that this significant inflow into Bitcoin could drive the BTC price to approximately the $200,000 mark, a target also predicted by Bernstein, BCA Research, and Standard Chartered Bank.

    Current Price Momentum 

    Despite these predictions, Bitcoin has retraced nearly 8% from its all-time high (ATH). However, the price is currently showing upward momentum. At press time, BTC is trading near $94,400 and has registered a price surge of 2.5% in the past 24 hours. Meanwhile, its trading volume dropped by 24%, indicating lower participation from investors and traders amid ongoing price correction. 

    Bitcoin Technical Analysis and Upcoming Level

    According to CoinPediaโ€™s technical analysis, Bitcoin has recently found support at a confluence zone and is now moving upward. This confluence occurred as BTC received support from an inclined trendline and a horizontal support level near $92,000.

    Based on recent price action, BTC appears bullish in the short term, with a strong possibility of the price soaring to the $96,500 level in the coming days. Conversely, if BTC fails to hold this confluence area, it could decline to the $84,500 level.

    On the positive side, BTC is currently trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily time frames, signaling an uptrend.

    Meanwhile, the Relative Strength Index (RSI) on the four-hour time frame suggests potential upside momentum in the coming hours or days. At press time, BTCโ€™s RSI stands at 48, indicating an oversold zone, which typically precedes upward momentum.

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