Bitcoin price to hit $275,000, top crypto expert predicts

by

As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the current state of Bitcoin is nothing short of intriguing. Having weathered numerous market cycles and witnessed the rise and fall of countless altcoins, I’ve learned to read between the lines when it comes to price movements and analyst predictions.

The price of Bitcoin has met significant obstacles when approaching $100,000 due to the selling off of positions by individual investors seeking profits.

On December 11th, I observed that the largest digital currency, Bitcoin (BTC), was being traded at approximately $98,900 – a value slightly below its record high of around $104,000.

Experts in cryptocurrency predict that the value of this coin could increase further due to increasing demand and decreasing supply. A recent article in the Wall Street Journal highlighted the coin’s dwindling supply as a key factor contributing to its projected continued rise in worth.

Approximately 19.7 million Bitcoin coins have been mined so far, with a total limit of 21 million set for the currency’s supply. This means that only about 1.3 million Bitcoin remain to be mined in the future. Additionally, it is estimated that millions of Bitcoins may have been permanently lost and will not be recoverable.

Furthermore, notable amounts of Bitcoin are in the possession of entities who seem uninterested in selling, including MicroStrategy and Marathon Digital Holdings.

The amount of Bitcoin on exchanges has continued to decline, now standing at approximately 2.24 million, down from 2.7 million in January. Meanwhile, Bitcoin’s mining difficulty has risen since the last halving event. 

As a crypto investor, I’m thrilled to see the escalating demand for Bitcoin, evident in the substantial influx into exchange-traded funds (ETFs). This inflow has surpassed the significant threshold of $34 billion, outperforming many analysts’ predictions. Now, these ETFs collectively manage assets valued at over $107 billion.

Cryptocurrency experts continue to be hopeful about Bitcoin’s potential price growth. In a recent article, well-known crypto analyst Ali Martinez predicts that the value of Bitcoin might soar as high as $275,000. If this prediction holds true, it would represent an approximately 177% increase from its current price range.

Consider purchasing dips, but be cautious not to overextend your investments. The projected price of Bitcoin ($BTC) could potentially hit $275,000, according to the cup and handle pattern we’re observing!

— Ali (@ali_charts) December 10, 2024

Other experts are likewise optimistic about the future of Bitcoin. In a recent report, analysts from Bitwise foresee Bitcoin reaching $200,000 by 2025, attributing this growth to increasing inflows into Bitcoin ETFs. Furthermore, they anticipate that Bitcoin’s market cap could surpass gold’s current $18 trillion value by the year 2029.

Bitcoin price analysis

Over the last several weeks, the graph for Bitcoin’s weekly prices demonstrates a robust uptrend, orchestrating a powerful surge beyond a significant technical threshold. This recent price movement surpassed the crucial resistance point at $69,210, which marks the upper boundary of the “cup and handle” formation pattern.

The price of Bitcoin has consistently stayed higher than its long-term moving averages (50-week and 200-week) since early 2023, with a significant event called a “golden cross” happening in April of that year. Additionally, the Average Directional Index (ADI) is currently pointing upward, indicating positive momentum for Bitcoin.

As a researcher examining this market, I find myself confidently predicting that the value of the coin is poised to increase further. The bullish sentiment appears strong, with traders setting their sights on the significant resistance level at $122,258.

Read More

2024-12-11 18:26