Bitcoin’s price worries many. Some experts say the recent changes seem “manufactured.” The cryptocurrency has mostly stayed in a range since mid-December 2024. It has traded between $92,400 and $106,500. This is surprising given the big institutional inflows. Samson Mow, CEO of Jan3, talked about this at Consensus Hong Kong. He said Bitcoin’s price movement “just doesn’t look natural at all.” He noticed the coin often swings sideways after hitting a peak. Mow suggested that the narrow range in which Bitcoin has traded might point to a price reduction. There is still optimism about Bitcoin’s long-term prospects despite the stagnation.
Mow said that if Bitcoin hits $100,000, it could mean big institutions will start using it. This trend could last for 10 to 20 years. He said that backlogged exchanges held back the strong bull runs we saw before. Mow pointed out that ETFs have removed barriers. Now, traditional finance can easily invest in Bitcoin. Institutions are just “dipping their toes” into the market now. This shows that the influx of capital isn’t fully here yet. Institutional buyers, like Michael Saylor’s Strategy, keep buying Bitcoin. So, the slow price movement is even more confusing. Mow noted that retail buyers are regularly purchasing Bitcoin and dollar-cost averaging. Still, there seems to be selling pressure. He said, “If Bitcoin’s price isn’t moving, someone must be selling. This is true for institutions and retail buyers buying BTC. He noticed that the market had sellers. This was due to bankruptcies and restructuring last year. However, that phase is mostly over.
The FTX repayment procedure is also exacerbating the selling pressure. The company is starting to repay creditors. It is basing these repayments on Bitcoin’s price from November 2022, which was about $20,000. This could lead to more selling as creditors attempt to capitalize on their gains. Mow said that FTX sold Bitcoin for much lower prices. This might explain why there hasn’t been any upward movement. After Donald Trump took office, Bitcoin hit a record high of $109,000. It fell back to its earlier range in a rapid manner. This movement, plus a large Bitcoin buy by institutions, has confused some analysts. In the two months before October 2024, investors bought 1.1 million Bitcoin. This was worth about $110 billion at today’s prices. Despite this, Bitcoin’s price remained constrained within a narrow range.
The overall cryptocurrency market has also been suffering losses due to these developments. Bitcoin recently dropped below $95,000, marking its lowest price in weeks. There have also been declines in other coins like Solana, XRP, and Dogecoin. Some analysts think Bitcoin could hit $160,000 to $180,000 soon. This is true, even with its ups and downs.