Bitcoin cooled off after nearing $123,000 earlier, prompting analysts to suggest that claims of a market peak might be premature. The market has seen a transformation in sentiment compared to previous highs in March 2024 and earlier this year, per Arca’s CIO, Jeff Dorman.

Key Points:

• Bitcoin’s price drifted slightly below $120,000, maintaining a modest gain of 0.6%.
• Major cryptocurrencies like Ethereum, Dogecoin, Cardano, and Stellar experienced declines of approximately 2%-3%.
• XRP, SUI, and UNI outperformed the market with gains ranging from 2.5% to 10%.

Analysts believe that given Bitcoin’s potential market cap convergence with gold’s, valued at over $22 trillion, further growth in character remains feasible.

Eric Demuth, CEO of Bitpanda, emphasizes that the adoption rate is more significant than price targets. He anticipates that BTC might reach €200,000 (around $233,000) in the future. Demuth pointed out the necessity for Bitcoin to embed itself within the portfolios of key investors and the infrastructure of global financial institutions.