Bitcoin Slips to $34K As Crypto Markets Cool Off, But Analysts Remain Bullish on Institutional Adoption Driving Prices Higher

Bitcoin slipped 2% to $34K as crypto markets cooled off after rallying earlier this week.

Meme coins like DOGE and PEPE outperformed, while LINK and AGLD dropped due to FTX wallet movements.

Bitcoin is in its 5th bull market driven by institutional adoption as a safe haven asset, and could reach $125K by 2024, per Matrixport.

Despite a breather, bitcoin is in a bull market per Matrixport, which sees institutional adoption driving bitcoin as a safe haven.

Analysts remain bullish, with Matrixport holding a $125K target for 2024 and Bloomberg's Jamie Coutts comparing price action to the July 2020 breakout.