TL;DR
- Bitcoin (BTC) soared over 100% in 2024, peaking at $108,000, with analysts predicting new highs of $120K to $340K or even $1 million in 2025.
- Exchange reserves have dropped to 2018 levels, signaling reduced selling pressure and increasing optimism for further BTC gains.
Gearing up for Another Successful Year?
Bitcoin (BTC) became the talk of the town in 2024, with its price charting a triple-digit rally in the past 12 months. The real bull run started shortly after Donald Trump won the US elections at the beginning of November. Recall that BTC was trading at around $68,000 before the voting, while less than six weeks later, it shot to a new all-time high of over $108,000.
The end of December offered a substantial correction, suppressing the asset’s valuation to under $92K. However, BTC started the new year on the right foot, climbing to as high as $96,700 (as of this writing). Numerous market observers believe the resurgence is just the beginning of another rally that could last throughout 2025.
Crypto Rover and Doctor Profit were among those weighing in. The former speculated that BTC might hit a new ATH of $120,000 during the first three months of the year.
Doctor Profit suggested that the cryptocurrency’s price will continue to trade in the $90-$110K zone for the next few weeks, and later it could shoot above $125,000.
The X user Trader Tardigrade was even more bullish, saying the BTC 4-year cycle “is still in play” and envisioned a price jump to $280,000 sometime this year.
“If you miss the BTC peak in 2025, you’ll have to wait until 2029,” the analyst assumed.
Other optimists who chipped in earlier this week include the X user 0xNobler and the NBA legend Scottie Pippen. The analyst predicted that BTC’s next pump could start this month and push the price to $340,000.
For his part, the former basketball player set a target of a whopping $1 million. Interestingly, in September 2024, he said that he had a dream with the anonymous creator of BTC, Satoshi Nakamoto, who told him that BTC’s price would hit $84,650 on November 5 last year. The valuation crossed that mark just a week later.
This Indicator Signals Further Gains
One important metric worth observing when speculating about BTC’s price is the asset’s reserves stored at exchanges. According to CryptoQuant, the metric has recently plummeted to a level last observed in the summer of 2018.
This suggests a shift from centralized platforms toward self-custody methods. It could be viewed as a bullish sign since it reduces the immediate selling pressure.
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