Bitcoin Could Hit $90K if Demand Catches Up to Short-Term Boosts — Market Talk

Bitcoin could extend its latest rally to $90,000 if long-term investors can join the buying streak, Nansen analyst Nicolai Sondergaard says in a note. The latest run-up was driven by a combination of renewed ETF demand and a big short squeeze, not a macro-driven accumulation event, the analyst says. The biggest traders on Hyperliquid are still net short, and more bitcoin is moving into exchanges than out of them, showing that crypto-native holders haven't embraced the rally, he says. Until they do, the run-up is vulnerable to a reversal if the ETF inflows weaken or Treasury yields push higher again, he says. Bitcoin is trading around $85,800, up 5.8% from a day earlier, according to CoinGlass. ([email protected])