Bitcoin's price has broken past $93,000, indicating a resurgence in market strength. This upward movement follows a period of volatility, with buyers now appearing to be in control as the cryptocurrency aims for new local highs.
The next significant target for Bitcoin is a decisive move above $100,000, which could potentially trigger a substantial upward trend. Data from CryptoQuant suggests a positive outlook, noting that the 100-day moving average of Bitcoin netflow from exchanges has reached its lowest point since February 2023. This indicates that more Bitcoin is being withdrawn from exchanges than deposited.
This trend typically reflects strong investor confidence and a preference for long-term holding. While analysts hold differing views on whether this surge will lead to a new record high, potentially exceeding $109,000, or a temporary peak before market consolidation, the current sentiment remains optimistic.