Bitcoin’s Potential to Reach $250,000
A crypto analyst named BitQuant predicts that Bitcoin (BTC) will recover from its current downtrend and surpass its all-time high of $69,000, reaching over $250,000 before the upcoming Bitcoin halving in April. According to the chart shared by BitQuant, Bitcoin is still following an upward trend within a rising channel. The next projected touch point for this channel is around $250,000.
Immediate Resistance and Key Targets
If the trend line continues to guide Bitcoin’s movement, it is expected to face immediate resistance at approximately $80,000. This level will be a crucial target for bulls to retest. BitQuant believes that Bitcoin will surpass this resistance and surge to $250,000 by April, just before the network automatically halves block mining rewards.
Grayscale Investments’ Liquidation and BTC Demand
Grayscale Investments has recently been liquidating their Grayscale Bitcoin Trust (GBTC), selling shares and dumping coins through exchanges. On January 25, GBTC reduced 10,872 BTC worth over $447 million. In contrast, eight spot Bitcoin ETF issuers added 8,744 BTC during the same period. BlackRock alone added 4,284 BTC. This data suggests a shift in demand for BTC as prices stabilize.
Stabilizing Prices and Rejection of Selling Pressure
The daily chart indicates that BTC prices have started stabilizing. Despite intense selling pressure on January 22, Bitcoin remains steady above $39,500. This suggests a positive development for the cryptocurrency.
Hot Take: Bitcoin’s Potential Upside
Based on BitQuant’s analysis and the recent developments in the cryptocurrency market, it seems that Bitcoin has the potential to experience significant upside. With resistance at $80,000 and a projected target of $250,000 before the halving in April, Bitcoin could be poised for a major rally. Additionally, the liquidation of Grayscale Investments’ GBTC and the increasing demand for BTC from spot Bitcoin ETF issuers indicate a shift in market dynamics. As prices stabilize and selling pressure is rejected, Bitcoin’s future looks promising.
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