Improving retail crypto and TradFi investor sentiment align with the recent uptick in Bitcoin price, but sell orders and short positions in the $93,000 range threaten to cap the rally.
Over the past two weeks, Bitcoin price repeatedly revisited the $90,000 range as retail investor sentiment improved, fund managers restated their bullish expectations for a potential end-of-year rally, and Strategy announced a sizable BTC purchase.
According to VanEck head of digital asset research, Matthew Sigel, Bernstein wrote that “the Bitcoin cycle has broken the 4-year pattern (cycle peaking every 4 years) and is now in an elongated bull-cycle with more sticky institutional buying offsetting any retail panic selling.”
Bernstein’s comments follow BlackRock chair and CEO Larry Fink mentioning that sovereign wealth funds are “incrementally” buying Bitcoin as it “has fallen from its $126,000 peak.”
