Bitcoin eyes $2.28 trillion with revenue of $200K: report
Bitcoin is currently undergoing a major price correction along with other major cryptocurrencies following a significant uptrend in recent days. In the midst of this development, OKG Research has made a bold prediction for Bitcoin (BTC), giving full justification for its analysis.
Bitcoin to attract 2.28 million dollars
In a recent report, the research firm found that only 0.01% of listed companies worldwide currently hold BTC. Additionally, considering the recent adoption trends of Bitcoin, they suggested that the Bitcoin market could attract a whopping $2.28 trillion in the next few years.
The research firm predicts that this significant inflow into Bitcoin could push the price of BTC towards the $200,000 mark, a target also predicted by Bernstein, BCA Research and Standard Chartered Bank.
Current price momentum
Despite these predictions, Bitcoin has pulled back from its all-time high (ATH) about 8%. However, the price is currently increasing. At press time, BTC is trading near $94,400 and has recorded a 2.5% price increase in the last 24 hours. Meanwhile, trading volume fell by 24 percent, indicating low participation by investors and traders amid price corrections.
Bitcoin technical analysis and upcoming level
According to CoinPedia's technical analysis, Bitcoin recently found support in the intersection zone and is now trending higher. This interaction occurred when BTC found support from the trend line and the horizontal support level near $92,000.
Based on the recent price action, BTC looks bullish in the short term, with the price likely to rise to $96,500 in the coming days. On the contrary, if BTC fails to hold this rally, it may drop to the $84,500 level.
On the positive side, BTC is currently trading above the 200 Exponential Moving Average (EMA) on the four hourly and daily time frames, indicating an uptrend.
Meanwhile, the Relative Strength Index (RSI) on the four-hour time frame indicates a bearish potential in the coming hours or days. At press time, BTC's RSI stands at 48, indicating an oversold zone, which is typically preceded by an uptrend.
