Retail investors are fueling a fresh wave of demand for Bitcoin (BTC), surpassing levels seen during May 2020. With BTC eyeing the $100,000 milestone, many wonder if this renewed interest is enough to drive the cryptocurrency to new highs.
Retail Investors Take the Lead
Bitcoin’s price movements have historically been driven by whales and institutions. However, a shift is underway. CryptoQuant’s 30-day retail demand metric shows unprecedented levels of interest, with volumes under $10,000 flooding into Bitcoin.
At $27.15, this metric has hit its highest level in over four years. The last time it approached this figure, Bitcoin surged from $9,500 to $37,000 in under six months. If history repeats itself, BTC could break past $100,000 within months.
Will Bitcoin Consolidate Before Breaking Out?
Some analysts, like CryptoQuant’s pseudonymous expert Darkfost, caution against expecting a quick rally. They suggest that Bitcoin could consolidate with minor corrections before a significant breakout.
Darkfost predicts, “Bitcoin may range for a while, then break the $100,000 barrier. This move could reignite retail demand and lead to a euphoric market phase.”
On-Chain Data Signals Bullish Momentum
Glassnode data supports this optimism. Bitcoin’s short-term realized price—the average on-chain acquisition value—sits at $77,675. With BTC currently trading above $96,000, the bullish trend seems intact.
Bitcoin Price Prediction: $110K on the Horizon?
On the weekly chart, Bitcoin has formed a bull flag pattern. This classic bullish indicator suggests BTC might climb further.
If the pattern holds:
- Short-term target: $100,274
- Highly bullish target: $110,000
However, declining retail demand could slow this momentum, potentially pulling prices back to $90,275.
