- BTC has fallen almost 3% over the past seven days.
- A few numbers were bearish, but the rest suggested otherwise.
Bitcoin [BTC] has been in a bear market for the longest period in history, which could have caused unrest among investors. However, history must be taken into account and investors must remain patient to enjoy gains in the coming days.
Read Bitcoins [BTC] Price prediction 2023-24
In fact, new data shows that the price of the king of cryptos could even reach more than $200,000 by 2025.
Bitcoin hitting new highs soon?
Although BTC has managed to hold its position above $27,000 for a while, price volatility is still low thanks to the bearish market.
According to CoinMarketCapThe price of BTC fell by almost 3% last week. At the time of writing, it was trading at $27,500.84 with a market cap of over $536 billion.
However, a recent post from Seth, a popular X (formerly Twitter) account that posts cryptographic analysis, showed that the price of BTC could skyrocket.
#Bitcoin
could potentially reach 200,000 to 250,000 around summer 2025!
This is by taking advantage of the 2015 bull market Fractal without the Covid Black Swan! Using the Bitcoin Cycle Indicator you can clearly see what the bottom and top was. Then draw a resistance line and place the Fractal… pic.twitter.com/HWx0pOxLaD
— Seth (@seth_fin) October 8, 2023
The analysis used the 2015 bull market Fractal without the Covid Black Swan. With the help of the Bitcoin Cycle Indicator one can clearly see the bottom and top.
Then drawing a resistance line on the same chart suggested that BTC‘s price could reach 200,000-250,000 around summer 2025, which looked ambitious.
The growth could also be fueled by Bitcoin’s upcoming halving in 20924, as such episodes are always followed by large price increases. In fact, we may already have entered a bull market, as suggested by CryptoCon.
The #Bitcoin Everywhere we look, green lights come on, and in this case the blue lights.
Once the bear market’s red downward block in the chop zone is completed, Bitcoin will make one last 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 BTCThe statistics showed that the coin was not under selling pressure at the time of writing. This was evident from CryptoQuant data, which showed that net deposits of BTC on exchanges were low compared to the average of the past seven days.
Is your portfolio green? look at the BTC profit calculator
The binary CDD was green, meaning long-term holders’ moves were lower over the past seven days. However, the aSORP was red, meaning more investors were selling BTC at a profit, indicating a market top.
Source: CryptoQuant
The good news was that while BTCAlthough the company’s price increased in the recent past, this was accompanied by an increase in Open Interest. When Open Interest rises along with the price, it usually leads to a continuation of the same trend, increasing the chance of a price increase.
Source: Coinglass
