Based

Bitcoin

Standard

View

Trillion

<p>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.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-to-attract-2-28-million-nbsp"><strong>Bitcoin to Attract $2.28 Million&nbsp;</strong></h2>   
<p>In a recent <a href="https://t.co/zabJM69XqB" target="_blank" rel="noreferrer noopener nofollow">report</a>, 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.</p>   
<p>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 <a href="https://coinpedia.org/news/bernstein-analysts-foresee-crypto-friendly-sec-and-senate-banking-committee-to-speed-up-regulatory-clarity/">Bernstein</a>, BCA Research, and Standard Chartered Bank.</p>   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>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.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-upcoming-level"><strong>Bitcoin Technical Analysis and Upcoming Level</strong></h2>   
<p>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.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/27204457/BTCUSDT_2024-11-27_20-44-48.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/27204457/BTCUSDT_2024-11-27_20-44-48-1024x449.png" alt="" class="wp-image-386224"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>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.</p>   
<p>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.</p>   
<p>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.</p>

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

Table of Contents

CoinPedia News

Other articles published on Nov 27, 2024

Best Crypto to Buy Right Now November 26 – eCash, Core, Ethereum Classic

Top 5 Cryptos to Watch as AI Takes Over the Market — Don’t Miss This Opportunity

Tether Stablecoin EURT Will Be Discontinued by 2025

Jim Cramer, Known for His Wrong Comments, Shared His Last Opinion on Bitcoin and Cryptocurrencies

Cypher Capital Invests in Kernel's Restaking Infrastructure (27 Nov)

Dogecoin Spearheads Cryptocurrency Innovation with Groundbreaking ETP Launch

Join our free newsletter for daily crypto updates!