Bitcoin remained relatively stable over the past 24 hours, continuing to trade above the $118,000 mark despite reports of a major sell-off by Galaxy Digital.
Bitcoin Calms Near $119,000
The cryptocurrency dropped sharply on Thursday and Friday following a massive sale of 80,000 BTC led by Galaxy Digital on behalf of a third party, pushing Bitcoin to a two-week low of $114,500.
After the sell-off was completed, Bitcoin quickly regained momentum, surging back to its usual range near $117,000 over the weekend. Gains extended into Monday morning, with prices approaching $120,000 before encountering resistance and retreating to $117,500, later stabilizing near $119,000 — resulting in a near 0% daily change.
Analysts expect further volatility over the next two days as markets await the Federal Reserve’s decision on whether to cut interest rates or maintain current levels.
With Bitcoin steadily approaching the $120,000 threshold, optimism is rising in the crypto market, particularly as institutional investment and large-scale treasury purchases grow.
Bitcoin Momentum Reignites Interest in Altcoins
Bitcoin is currently trading at $118,888.16, up 0.69% on the day, with its market capitalization surpassing $2.36 trillion. Daily trading volume surged by 33.22% to over $61.39 billion.
This activity has sparked renewed interest in identifying the best cryptocurrencies to invest in, especially among digital treasuries seeking alternatives to Bitcoin and Ethereum. There’s a growing focus on projects offering low gas fees, decentralized finance (DeFi) platforms, and multi-chain utility applications.
Emerging tokens like Remittix (RTX) are gaining attention as promising options due to their real-world solutions in global finance.
Meanwhile, Bitcoin’s dominance over the altcoin market remains above 59%, with its market cap stable at $2.365 trillion, according to CoinGecko data.
How High Can Bitcoin Go? Citi Forecasts Point to $200K
Citi Group analysts Alex Sanders and Nathaniel Robert issued diverging forecasts for Bitcoin’s future, setting a base target of $135,133, with an optimistic scenario reaching $199,340 by year-end.
They noted that this outlook marks a fundamental shift in how traditional financial institutions view the crypto market — no longer as a speculative asset but as an integral part of the global financial infrastructure.
“Crypto assets now represent a significant share of capital,” they added, “and the total crypto market cap is on par with the world’s largest publicly traded companies.”
Citi’s forecast aligns with other bullish reports, including a Bridge Capital analysis by Anthony Scaramucci predicting $200,000, and VanEck’s forecast of $180,000.
ETF Inflows Driving Bitcoin’s Price Surge
One key point in Citi’s analysis is that inflows into exchange-traded funds (ETFs) have become the main driver behind Bitcoin’s recent price rise. Data shows that 41% of Bitcoin’s price volatility can be explained solely by ETF activity since their launch.
Citi noted that the market has seen $19 billion in inflows so far this year, including $5.5 billion in recent weeks. They estimate that each $1 billion in weekly ETF inflows corresponds to a 3.6% price increase for Bitcoin, underscoring a direct mathematical link between institutional demand and price growth.
