Bitcointhe largest cryptocurrency asset by market cap, suddenly took off on Monday, hitting $57,000 for the first time in the past 26 months, prompting several predictions of a new all-time high before the end of 2025.
Bitcoin could reach $200,000 before 2025 close
Amid the recent market surge, cryptocurrency analyst and Chief Executive Officer (CEO) of Factor LLC, Peter Brandt, has expressed optimism about Bitcoin, while to share an intriguing prediction with the crypto community on the social media platform X (formerly Twitter).
Peter Brandt’s analysis takes a closer look at Bitcoin’s recent price action and how high the crypto asset could rise before 2025 closes. With BTC’s current bull market cycle, Brandt has set an ambitious target of $200,000 next year.
Brandt’s initial Bitcoin price the 2025 target was $120,000, but with the recent rally he has made his mark on the aforementioned price. His adjustments came in light of BTC showing a bullish trend, crossing the “upper limit of the 15-month channel.”
Moreover, he emphasized that the current bull cycle in the market “could end in August or September 2025” if this bullish trend continues. However, according to him, this interpretation will be invalid if Bitcoin falls “close below last week’s low.”
The message read:
Now that the price is above the upper limit of the 15-month channel, the target for the current bull market cycle, which will end in August or September 2025, is increased from $120,000 to $200,000. A close below last week’s low will negate this interpretation.
The analyst’s bold predictions have since caused quite a stir within the crypto space. Several community members have expressed their joy at the crypto expert’s analysis.
A pseudonymous X-user commented on Brandt’s prediction, saying his overview shares “fascinating insights into Bitcoin’s market projection.” They claimed that “the upward momentum breaking through barriers is indeed intriguing.”
Furthermore, they also believe that a close below last week’s low would change Brandt’s narrative, highlighting the fragile balance in the cryptocurrency space.
Factors that could be responsible for BTC’s rally
BTC’s current rally is believed to be supported by several developments that have attracted attention in the crypto market today. These include increased investor demand through Exchange-Traded Funds (ETFs) and additional BTC purchases by Microstrategy.
It is notable that investor demands through ETFs have served as a major support for BTC since the beginning of the year. On January 11, the US Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFswhich has built confidence ever since.
Meanwhile, Michael Saylor’s Microstrategy made an additional purchase of 3,000 BTC, worth $155 million before the rebound. This development signals institutional interest in BTC, indicating confidence in its long-term potential.
Over the past day, Bitcoin’s price has risen by more than 9% and is currently trading at $56,321. The market capitalization has increased by 9% in the last 24 hours and trading volume has increased by more than 235%.
Featured image from iStock, chart from Tradingview.com
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