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.
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.
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.
According to CoinPedia’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, BTC’s RSI stands at 48, indicating an oversold zone, which typically precedes upward momentum.
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