The approach of $100,000 for Bitcoin’s price is getting some attention as analysts predict that the price can reach as high as $150,000 in 2025. Crypto analyst TradingShot, one of the first to predict this surge, revisits how Bitcoin price action played out, and provides a look ahead at the coming years.
‘In my latest article on TradingView, I explained how Bitcoin’s breakout, after years of consolidation between March 2024 and October of the same year, represented mainly the euphoria generated around the US presidential election and the victory of Donald Trump,’ TradingShot explained in a recent post.
Bitcoin Breaks Key Fibonacci Range, Signals Bullish Trend
The move above the 0.786 to 1.0 Fibonacci range is seen as a strong sign that as yet another breakout will fuel more strength to the upside. TradingShot noted that the current price action is in line with the Bitcoin’s behavior at the beginning of the aggressive runs in November 2020 and at the beginning of May 2017.
However, he observed that during both of these periods, Bitcoin had followed a steep upward angle 71.5 ̊ between May and December 2017 and 68.5 ̊ between November 2020 and April 2021. TradingShot looks at the future forecast if this trends continues and could see a 65.5° angle in the Bitcoin rally from 2024-2025 with Bitcoin heading towards $300,000 in May 2025.
But he thinks the $150,000 target is ‘very plausible’ from a technical perspective, putting him into the top of a multi year price channel. But others are more cautious, leaning towards TradingShot being bullish.
Bitcoin’s direction is uncertain, says Kevin Capital, which points to a large liquidity gap under the present price near $88,000, with most liquidity trapped between $100,000 and $103,000. Simply put, he counsels against taking any action until a bit more clarity is in place.
For his part, Mikybull Crypto believes BTC may see a brief, short-term drop before rebounding; there is a sell signal on the BTC dominance index, marking the first since 2020. Mikybull says it is the start of ‘altcoin season,’ where altcoins beat BTC.
The price of BTC is currently about $95,600 and is slightly down in the last 24 hours, according to this CoinMarketCap data. As the demand for alt coins increases, it’s up in the air if BTC itself can keep its bull run ongoing or not.
