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Cryptocurrency analytics firm 10x Research saw a realistic possibility of Bitcoin BTC/USD reclaiming $100000
Cryptocurrency analytics firm 10x Research saw a possibility of Bitcoin (BTC) reclaiming the $100,000 mark, following the apex coin's recent strong recovery.
What Happened: In its latest analysis, the firm attributed the rally to a surge in futures leverage, as the Open Interest in Bitcoin futures rose from $22 billion to $29 billion.
10x Research also highlighted the "strongest day" of inflows into Bitcoin exchange-traded funds, amounting to $936.43 million on April 22, since mid-January.
"If Bitcoin ETF inflows accelerate and stablecoin minting resumes, as investor confidence returns and Trump's tariff threats prove more rhetoric than reality, Bitcoin could plausibly break above the $100,000 mark."
The analysts identified $95,000 as a critical resistance zone and a possible trigger point for short-stop liquidations, which could further drive up the price of Bitcoin.
See Also: SEC Zooms In On Nayib Bukele-Led El Salvador’s Crypto Regulation Model
Why It Matters: The upbeat forecast comes as the leading digital asset rebounded sharply this week, pushing through the $94,000 mark for the first time since early March.
Bitcoin's Fear & Greed Index has flipped from "Fear" to "Greed," signaling increased optimism and risk-taking.
In a statement to Benzinga, Ishan Bhaidani, co-founder at Web3 agency SCRIB3, and the person known for early calling the fall of the FTX exchange, anticipated a "sharp" V-shaped recovery for Bitcoin over the next 6-12 months.
"Historically, in crypto, we’ve actually seen BTC be quite reflexive when we see ‘bear markets' that are in response to macroeconomic factors (think COVID in 2020) rather than bear markets that are caused by structural issues within crypto (FTX, Mt. Gox, ICO Bust, etc) that lead to prolonged market downturns," Bhaidani said.
He further predicted that once macroeconomic bottlenecks, such as trade deals with U.S. partners, were addressed, Bitcoin would be well-positioned to reach new all-time highs by the end of the year.
Price Action: At the time of writing, Bitcoin was trading at $92,436.21, showing a decrease of 1.84% in the last 24 hours, according to Benzinga Pro.
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