Bitcoin (BTC) price has dropped by 4.3% over three days, falling short of the previous high of $97,900 (approximately 143 million won) recorded just before May 2nd. On May 5th, it showed temporary support at the $94,000 level, but the market is showing some disappointment that despite active institutional fund inflows, the bullish trend has not continued.
Even amid this adjustment, Bitcoin's market share is actually increasing. Analysis suggests that Bitcoin maintains relative strength compared to altcoins, and its 'digital gold' narrative remains valid. Particularly, institutional investors' movements are drawing attention. Large-scale purchases by Strategy, known as a strategic asset, and steady fund inflows through physical Bitcoin ETFs are being cited as key factors driving recent market trends.
The long-term outlook remains positive. The current price adjustment could be a temporary pause, and there are projections that Bitcoin might set a new all-time high in 2025. Scarcity due to reduced supply, expanded institutional demand, and expected regulatory relaxation after the Trump administration's launch are cited as major upward catalysts.
However, from a short-term perspective, volatility dominating investor sentiment remains a significant risk. Despite strong buying pressure for Bitcoin, the price not immediately reflecting this could signal that the market is not yet fully prepared to move to the next phase. Some suggest that after the policy uncertainty is resolved following the US presidential election in the second half of 2024, the cryptocurrency market as a whole may experience a steep rebound.
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