Bitcoin has caught a bid, trading around $86,000 after jumping over 6% today. Analysts at Nansen expect Bitcoin to move even higher in the coming days.
According to Nicolai Sondergaard, Senior Research Analyst at Nansen, there is room for another leg higher as under-positioned traders are forced to chase $BTC.
Sondergaard says that Bitcoin’s move above $84,000 looks less like a clean macro-driven accumulation and more like a combination of ETF demand and a short squeeze.
“The important distinction is that price has turned bullish faster than positioning has. Hyperliquid’s largest BTC traders were still net short, while onchain exchange flows showed more BTC moving into exchanges than out of them over the past two days. That tells us large crypto-native holders have not yet fully embraced the rally. The move can continue in the short term because under-positioned traders may be forced to chase, but it remains vulnerable to a reversal if ETF inflows weaken or Treasury yields push higher again,” says Sondergaard.
Sondergaard obviously wants to see sustained spot and ETF demand to drive the price of Bitcoin higher from here:
“The next level to look for would be $87k, given $85k is broken and held; then $90k would be psychological, and again some levels to look for around $92k, but it all depends on spot following through and external events not coming in ‘hot, ‘ so to speak.”
Bitcoin started 2026 above $90,000, topping $96,000 in January. It is off from its all-time high of around $126,000.
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