A widely followed crypto analyst sets the upper limits of his 2025 price target for Bitcoin (BTC).
In a new YouTube video, the anonymous host of InvestAnswers tells his 447,000 YouTube subscribers know that his Bitcoin price target is highly dependent on multiple factors, including on-chain supply, the future of spot BTC exchange-traded funds (ETFs) in the US, and the overall adoption of the top crypto asset.
The host also notes that the supply of long-term Bitcoin holders has hit a new all-time high.
“It’s insane. People don’t sell.”
The analyst believes Bitcoin could reach $89,000 sometime in 2025, although he thinks BTC has a “maximum upside” of $142,000.
The InvestAnswers host notes that his price targets will be lower if the US Securities and Exchange Commission (SEC) decides not to approve a spot Bitcoin ETF. However, the analyst says “things could go crazy” if the SEC greenlights a spot-based Bitcoin ETF.
The second postponed decisions last week on a slew of spot BTC ETF filings, although the regulator is likely to rule on some of them in early 2024.
BTC is trading at $27,528 at the time of writing. The highest-ranked crypto asset by market capitalization is down 1.2% in the past 24 hours, but continues to rise nearly 66% since the start of 2023. However, despite the price increases this year, Bitcoin is still more than 60% lower than its value. the all-time high of $69,000, which was reached in November 2021.
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Generated image: Midjourney
