Bitcoin Surges Past $120,000 on Bullish Accumulation Signals
JPMorgan amplifies the rally, raising its year-end price target for the cryptocurrency to $165,000, citing significant undervaluation.
Bitcoin (BTC) in a significant rally, buoyed by institutional confidence and strong on-chain metrics suggesting a new wave of investor buying.
The bullish sentiment was amplified after JPMorgan Chase & Co. raised its year-end price target for the digital asset to $165,000. The investment bank's analysis pointed to Bitcoin's undervaluation relative to gold as a key driver for its optimistic forecast.
This price milestone is underpinned by market data indicating a robust accumulation phase. According to recent analysis, , with long-term holders easing selling pressure and a significant amount of the cryptocurrency being moved off exchanges into private wallets. This behavior signals strong investor conviction and a preference for holding the asset over short-term trading.
Further analysis reveals a , with nearly 71,000 BTC, valued at close to $8 billion, moved in the past week alone. This reduction in the available supply on trading platforms, coupled with fresh liquidity entering the market, suggests a potential supply squeeze that could fuel further price appreciation. JPMorgan's report highlighted this trend, as a compelling reason for investors to increase their allocation. As the market establishes a new support base, analysts are watching to see if the momentum can carry Bitcoin toward its newly revised institutional targets.