Originally published on: August 13, 2024
Bitcoin traders are anticipating a significant increase in the price of BTC, with projections exceeding $100,000 by the year 2025. Recent market trends and technical indicators are pointing towards a bullish future for the world’s largest cryptocurrency.
According to Ecoinometrics, Bitcoin’s price action following the halving event indicates a potential surge in value. The recent dip below $50,000 is seen as a temporary setback, with expectations of Bitcoin entering a “six-figure value” range in the near future.
Anonymous Bitcoin analyst Rekt Capital also supports this outlook, highlighting the recent recovery of Bitcoin above $60,000 as a positive trend reversal. The analyst suggests that Bitcoin is transitioning from a downtrend to an uptrend, with strong buy-side volume needed to sustain the upward movement.
Technical indicators, such as the moving average convergence divergence (MACD), are also signaling a bullish scenario for Bitcoin. As observed by analyst Exel Adler Jr., a bullish cross on the MACD chart could lead to higher highs for BTC in the coming days.
Market intelligence firm Glassnode further reinforces the positive sentiment surrounding Bitcoin, noting a resurgence in accumulation among long-term investors. The Accumulation Trend Score (ATS) has reached its highest value in recent weeks, indicating significant accumulation of BTC by whales and long-term holders.
With these indicators in place, Bitcoin traders remain optimistic about the cryptocurrency’s long-term growth potential, expecting a substantial price surge to over $100,000 by 2025. Stay updated on the latest market insights and investment opportunities by subscribing to our newsletter.