- BTC was down by nearly 3% over the last seven days.
- A few metrics were bearish, but the rest suggested otherwise.
Bitcoin [BTC] has been in the bear market for the longest period in history, which might have sparked unrest among investors. However, history is to be considered, and investors must remain patient to enjoy profits in the coming days.
Read Bitcoin’s [BTC] Price Prediction 2023-24
In fact, new data revealed that the king of cryptos’ price can even go as high as over $200,000 by 2025.
Bitcoin to reach new highs soon?
Though BTC has managed to hold its position above $27,000 for quite a while, its price volatility has still remained low, thanks to the bearish market.
According to CoinMarketCap, BTC’s price dropped by nearly 3% last week. At the time of writing, it was trading at $27,500.84 with a market capitalization of over $536 billion.
However, a recent post from Seth, a popular X (formerly Twitter) handle that posts cryptographic analyses, revealed that BTC’s price can skyrocket.
#Bitcoin 🎯🥳 could potentially reach 200k-250k around summer 2025! 📈🤯
This is by using 2015 bull market Fractal without the Covid Black Swan! Using the Bitcoin Cycle Indicator you can clearly see what was the bottom and top. Then draw a resistance line and put in the Fractal… pic.twitter.com/HWx0pOxLaD
— Seth (@seth_fin) October 8, 2023
The analysis used 2015 bull market Fractal without the Covid Black Swan. Using the Bitcoin Cycle Indicator, one can clearly see the bottom and top.
Then, drawing a resistance line on the same graph suggested that BTC’s price could touch 200,000–250,000 around summer 2025, which looked ambitious.
The growth can also be fueled by Bitcoin’s upcoming halving in 20924, as such episodes are always followed by major price upticks. In fact, we might have already entered a bull market, as suggested by CryptoCon.
The #Bitcoin green lights are turning on everywhere we look, and in this case the blue lights.
Once the red Bear Market downtrend block is completed on the chop zone, Bitcoin makes one final small return to red.
Unless you have a black swan, the blue lights end the… pic.twitter.com/nGENb4ZuZC
— CryptoCon (@CryptoCon_) October 8, 2023
Are we actually in a Bitcoin bull market?
A closer look at BTC’s metrics revealed that the coin was not under selling pressure at press time. This was evident from CryptoQuant’s data, which pointed out that BTC’s net deposits on exchanges were low compared to the last seven-day average.
Is your portfolio green? Check out the BTC Profit Calculator
Its Binary CDD was green, meaning that long-term holders’ movements in the last seven days were lower. However, the aSORP was red, which meant that more investors were selling BTC at a profit, hinting at a market top.
Source: CryptoQuant
The good news was that while BTC’s price rose in the recent past, it was accompanied by a hike in its Open Interest. Generally, when Open Interest increases along with price, it leads to a continuation of the same trend, thus increasing the chances of a price uptick.
Source: Coinglass
