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Bitcoin (BTC) has shown little movement throughout 2024, but experts predict that the cryptocurrency is primed for a significant surge in the coming years. An analyst known as CryptoCon shared a model on September 22, projecting that Bitcoin will reach new heights by 2025, with trading ranging between $90,000 and $130,000.
With the first early top in for #Bitcoin on July 13th, 2023 (yellow dot), I think too many people are looking back and expecting a 2019 carbon copy.
What I’m looking at is 2015, where Bitcoin bottomed out in August, just like it did now, and continued in November.… pic.twitter.com/GL2TSrphIX
— CryptoCon (@CryptoCon_) September 22, 2023
This projection is based on the logarithmic regression resistance chart, which illustrates BTC price evolution over time. CryptoCon’s model incorporates a rainbow chart with color bands to indicate opportune moments to buy, sell, or hold Bitcoin. CryptoCon expects similar patterns to the one observed in 2015, when Bitcoin experienced a bottom in August and a bullish streak in November.
He anticipates that Bitcoin will reach its “first early top” on July 13th, 2023 before entering a “green accumulation year” until July 9th, 2024. Subsequently, CryptoCon forecasts another peak approximately three weeks after this accumulation period concludes with an estimated price target of around $48,000.
Additionally, he predicts that BTC will reach its “cycle top” roughly three weeks from November 28th,2025 boasting an expected price range of $90k – $130k – a new record high for the cryptocurrency. While he suggests another cycle bottom may transpire about three weeks from November 28th ,2026; specific pricing details for this event are not provided.
Source: CryptoCon
Factors That Could Drive Bitcoin To New highs?
CryptoCon’s model is not the sole indicator of Bitcoin’s potential for reaching new highs in the near future. According to PlanB, a prominent crypto analyst renowned for creating the stock-to-flow (S2F) model, predictions suggest that BTC will surpass $98,000 by the end of November and exceed $135,000 by year-end.
Several factors contribute to these optimistic projections. Firstly, there is anticipation surrounding the halving event scheduled for 2024 when new bitcoin production will be reduced by half. This event would naturally curtail supply and potentially fuel upward price momentum.
Secondly, regulatory approval of a Bitcoin spot exchange-traded fund (ETF) holds significant potential as it could enhance both demand and liquidity within the cryptocurrency market. Lastly, on-chain activities suggest that investors are increasingly inclined to hold their bitcoins rather than selling them on exchanges.
Currently, BTC is traded at $26,573 with marginal weekly lose of approximately 0.05%. Technical analysis provided by TradingView indicates a bearish short-term outlook with a ‘sell’ rating of 12 alongside a ‘neutral’ rating of 8. Nevertheless, some analysts remain confident about an impending bullish trajectory for BTC in the long run.
Source: TradingView
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