Bitcoin Traders Anticipate $100K+Â
Why Bitcoin traders expect a price of $100K+ by 2025 can be attributed to three variables.
The price behavior of Bitcoin following its halving indicates a “six-figure value” per BTC, as the most popular technical indicator shows a bullish pattern for the largest cryptocurrency in the world.
In light of prior trading activity, Bitcoin’s BTC $60,897 tickers downward
According to crypto data source Econometrics’, it traded below its “post-halving growth trajectory range” during a recent decline below $50,000.
They set lofty goals for the price of Bitcoin, saying, “If it returns to this range before year-end, we’re looking at a high likelihood of a six-figure value for one BTC.”
We would anticipate that one Bitcoin would be worth between $140,000 and $4,500,000 per coin, starting at $63,000, assuming the same growth rate as the last three cycles.
Growth rate trajectory of bitcoin following the fourth halving.
The Econometrics’ source
Technically speaking, Rent Capital, an unknown Bitcoin expert, claimed that the most recent rally above $60,000 had marked a substantial shift in trend for the cryptocurrency.
Rent Capital stated in a post on X on August 12 that “Bitcoin is trying to solidify this recently broken down trending resistance (red) into a new trendline of support.”
The expert brought to Bitcoin’s rapid bounce back a few days after the price plummeted to $49,577 on August 5.
The price was retesting the support line, according to Rent Capital, indicating that “the end of the downtrend to precede trend continuation to the upside.”
“Trend continuation is crucial in this situation.
When the price of Bitcoin retests the downward trend line, the analyst emphasized that “strong buy-side volume” is necessary to start the uptrend.
According to Bitcoin analyst Excel Adler Jr., the moving average convergence divergence indicator (MACD) on the daily chart may show a positive signal that will cause demand side volume to increase.
When the MACD crosses above its own nine-day EMA, it indicates a bullish trend. The MACD is a trend-following oscillating indicator that plots the connection between two moving averages of an asset’s price.
In a post on X on August 13, Adler Jr. included a graphic that displayed the MACD far into negative territory.
When the price of bitcoin fell to $53,550 on July 8, the same situation was observed.
After that, on July 12, the MACD made a positive cross, and on July 29, Bitcoin rose 30% from these lows to retest the $70,000 mark.
The MACD is about to make a bullish cross on the daily timeframe.
In the event that the same situation materializes, Bitcoin might continue to rise and reach new heights.
Related: As Japan erases the record stock slump, Bitcoin buyers wait below $58K.
Investors in bitcoin are back to “Holding.”
As the market gradually recovers from last week’s sell-off, experts at market intelligence business Lassonde found that a “holing preference is beginning to emerge” among long-term investors, supporting the long-term bullish prognosis for Bitcoin.
Analysts at Glasson stated,
“After comparatively strong distribution pressures for a few months, Bitcoin holders’ behavior seems to be shifting back toward hoarding and accumulation.”
The graph below demonstrates how Bitcoin whales are “returning to a regime of accumulation” after a protracted period of supply dispersion.
According to Glasson, Long-Term Holders (LTHs) have resumed their propensity for Huddling, and this trend was particularly noticeable among them.
More than 374,000 BTC have migrated into LTH status in the previous 90 days.
“Overall, on chain conditions indicate a strong sense of conviction among Bitcoin users.
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