Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?

Key Points

1. Bitcoin's price has shown resilience, climbing above $118,000 despite selling pressure, with 67% of BTC owned by individuals.

2. The distribution of Bitcoin ownership aligns with Satoshi Nakamoto’s vision, indicating strong individual control over the cryptocurrency.

3. Technical analysis suggests Bitcoin is in the early phases of Wave (V) in an Elliott Wave pattern, with a potential target of $131K.

4. The Bitcoin Cycle Indicators (IBCI) has entered the Distribution zone, historically linked to market euphoria, suggesting targets of $140,000-$150,000 remain achievable.

5. A new project called Bitcoin Hyper, a Layer 2 upgrade to Bitcoin, has raised $5 million, with potential for significant growth according to crypto experts.