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

Published by
Chandan Gupta

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 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.

Chandan Gupta

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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