8 months ago
42 ARTICLE AD
In a post on X, one crypto analyst thinks Bitcoin will reach $500,000 by mid-2025. However, even as prices trend higher, the rally won’t be smooth sailing, expecting some “scary” dips.
Bitcoin Is Shaky
The analysis is when Bitcoin prices appear shaky, characterized by sharp corrections. Over the weekend, prices plunged lower, denting confidence after a weak conclusion on Friday. Prices are yet to recover, trending below the psychological $70,000 level.
Bitcoin on track to $500,000 | Source: Analyst on X
Even amid this, the analyst says people should hold on tightly, relaying confidence that the only way for the world’s most valuable coin is up. To support this outlook, the analyst compares Bitcoin’s price action and the historical trajectory of gold following the launch of Gold exchange-traded funds (ETF).
At current rates, and despite the lull over the weekend, Bitcoin is outpacing gold’s historical growth pattern. This preview suggests that, like gold, Bitcoin could rally over time. From this projection, the analyst thinks not only will bulls shake off the current weakness but see prices rally nearly 7X from current rates to $500,000, following a similar path to gold’s trajectory.
Still, while the $500,000 target is undoubtedly enticing, the analyst warns investors to brace themselves for “scary falls” along the way. These dips, the analyst emphasizes, shouldn’t be misconstrued as signs of the end. Instead, they should be seen as a natural part of Bitcoin’s historical price action.
Despite the expected volatility, the analyst urges investors to “stay calm” now and in the future in the face of anticipated price drops. After sharp expansions over the past few trading weeks, there could be suggestions that the coin has peaked, and prices are likely to correct in the cool-off.
Demand From Spot ETFs Ahead Of Halving
Although it may be accurate, the rate at which Bitcoin ETF issuers purchase BTC for their clients is positive for the market. In a post on X, an analyst observes that the amount of spot Bitcoin ETF inflows within a month is comparable to a year of Gold ETF inflows.
This analysis suggests that the demand for BTC is way higher. Accordingly, prices may respond by rallying in the face of surging demand.
Bitcoin remains bullish, less than a month before the protocol halves miner rewards. Supporters are adamant that in the next epoch, considering the current level of demand, there will be a supply crisis. In that case, BTC prices might remain high.
Feature image from Canva, chart from TradingView
