Will Bitcoin Beat The Odds And Fly To $300,000 By 2025?
03 July 2024 - 6:00AM
NEWSBTC
At press time, Bitcoin is within a bullish formation and firm,
rejecting attempts for lower lows despite slumping by roughly 20%
in June. Though there is hope that prices will trend higher in
June, one analyst thinks BTC is walking on a tightrope. For buyers
to take over, it means BTC will defy its historical trends observed
in the last five years by printing green by September. Will Bitcoin
Beat The Odds? Price data aggregated over the past five years
paints a concerning picture for Q3 2023. In a post shared by one
analyst, historical data shows that Bitcoin often dips in Q3,
posting an average return on investment (ROI) of -5.21%. If this
sets precedence, then it means that though BTC is firm when
writing, the coin will most likely end up in losses below current
rates. Related Reading: Dogwifhat Targets New Peaks As WIF Exceeds
$2.1 Resistance Level Looking at price charts, it is evident that
buyers are in control, primarily because of Q1 2024 gains. Then,
prices soared to all-time highs before correcting, dropping to
$56,800. Even though this line has not been broken, bulls have been
struggling for momentum as bears have been unrelenting, forcing
prices lower on numerous occasions. BTC To $300,000? On-chain
Activity And Institutional Adoption Rising Despite the historical
bearish trend in Q3, some analysts remain optimistic. Considering
X, one analyst thinks BTC will fly to as high as $300,000 by 2025
based on the “power law” theory. This prediction is almost 5X from
spot rates, an overly optimistic prediction. Under the “power law”
theory, the analyst said fundamentals play a crucial role. When a
predictable growth pattern for Bitcoin based on its network
activity is factored in, then the only way forward, the analyst
said, is up. To further support this outlook, the analyst said
Bitcoin prices have followed the power law for over a decade. It
means the coin’s intrinsic value is independent of market
hype. Beyond this, several other metrics support the
potential for continued growth. For instance, IntoTheBlock data
reveals that the number of active Bitcoin addresses continues to
rise, reaching levels not seen since mid-April. Related Reading:
WIF, BRETT, and BONK Surging – Meme Coin Presales Destined For Huge
Gains An ETF analyst, Eric Balchunas, said inflows to spot Bitcoin
exchange-traded funds (ETFs) remain strong despite recent price
dips. This means that investors expect prices to trend higher
despite short-term price fluctuations. As institutions pour in on
spot Bitcoin ETFs, other data also show that the top 25 hedge funds
in the United States now hold BTC in their portfolios. Feature
image from DALLE, chart from TradingView
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024