The price of Bitcoin (BTC) has maintained strong resilience since it dropped from its all-time high (ATH) of $111,970.17. The top coin dropped as low as $106,000 but has started staging a comeback to the $110,000 resistance level. This bounce could mean many things for the market, depending on how sustainable the growth is.
Bitcoin in price discovery
Despite the reversal recorded post-all-time high, Bitcoin is in its price discovery phase. How high it can rally remains unknown, and the timeline remains unknown. At press time, the coin was changing hands at $110,057, up by 2.2% in the past 24 hours per CoinMarketCap data.
Bitcoin Daily Price Chart. Source: CoinMarketCap
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There are indications that this might be a dead cat bounce for the coin, as market bears may drag it below that level soon. However, there is already evidence that BTC whales have continued to accumulate the coin.
Bitcoin also gets massive hype from top industry leaders like Robert Kiyosaki, who has continued to advocate that users and investors should stack the coin. With longer-term holders refusing to sell, the fear of a dead cat bounce is formally allayed, as no bearish pressure is weighing down on the coin for now.
So, how high can BTC soar?
Since January, Bitcoin price has broken the ATH above $100,000 on many occasions, while the $111,000 to $112,000 range remains the level to watch, there are projections it could soar to $500,000 this year.
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Entities like Samson Mow, who believes BTC will soon be worth $1 million, also make more ambitious forecasts.
The accumulation rate of BTC by institutional investors like Michael Saylor’s Strategy Inc. has already placed positive pressure on the coin. As demand continues to outweigh supply, the chance of Bitcoin breaking more ground is high in the long term.