Bitcoin is currently trading near $92,500 - a level that aligns closely with its short-term realized price. According to analysts at Alphractal, maintaining support above this threshold could signal a critical shift in market sentiment. However, they cautioned that several more days of trading activity are needed to confirm whether key players are genuinely altering their behavior.
While Bitcoin recently spiked to $94,000, Alphractal analysts noted that this move has not yet triggered significant changes in on-chain activity. They predict that the situation remains precarious, with the potential for a wave of liquidations, as open interest has surged by more than $10 billion in just a few days, primarily driven by aggressive leverage.
Bullish Signals Emerge Amid Uncertainty
Despite the risks, several bullish indicators are beginning to form. CryptoQuant reported the largest 100-day moving average outflow of Bitcoin from exchanges since February 2023 - a pattern that historically correlates with strong crypto price rallies.
Market analyst and MN Trading founder Michaël van de Poppe described the current market correction as a “natural” phase of consolidation. He forecast that renewed buying pressure would soon emerge, driving Bitcoin toward a new all-time high.
ETF Inflows Reflect Growing Institutional Confidence
Institutional investment also appears to be strengthening. On April 23, inflows into spot Bitcoin ETFs totaled $916.9 million, bringing cumulative inflows over the past four days to $2.342 billion. Analysts predict that continued inflows could act as a stabilizing force, supporting Bitcoin's price trajectory.
Long-Term Forecast: Road to $100,000
Further optimism was voiced by BitMEX co-founder Arthur Hayes, who forecast that Bitcoin could surpass the $100,000 mark. Hayes attributed this outlook to potential liquidity injections from the U.S. Treasury's bond buyback programs - a macroeconomic dynamic that could boost risk asset prices, including Bitcoin. As market volatility persists, the $92,500 support level remains a crucial line to watch. Whether Bitcoin maintains this zone will likely predict the next major move - either a sustained bullish breakout or a sharper correction.
