Bitcoin: Delays and Uncertainties Amidst Market Analysis

Despite its potential to reach $120,000, Bitcoin’s journey faces hurdles. Tightening supply dynamics and mixed market sentiment are causing delays. Key players like JPMorgan Chase predict a price of $165,000 due to undervaluation compared to gold, while Mike Novogratz of Galaxy Digital forecasts a range of $120,000-$125,000. The increased supply of Bitcoin locked in cold storage and ETF inflows are contributing to market volatility, potentially impacting short-term price increases. While analysts anticipate long-term demand due to illiquid supply, institutional appetite for CME futures is growing, indicating continued confidence despite the uncertainty.