Bitcoin (BTC) has faced challenges in reclaiming the $100,000 support level in recent days, reflecting short-term market hesitation.
However, the broader macro outlook indicates that BTC remains positioned for significant gains heading into 2025, with bullish sentiment gradually taking hold.
Bitcoin’s New Record May Not Be a Long Shot
The aggregate cost for short-term holders (STHs) currently stands at $86,800, which is close to Bitcoin’s current price of $94,170. Historically, STHs sell quickly during price fluctuations. However, with these investors having unrealized gains of 7.9%, they are more likely to hold on to their positions as market expectations are bullish.
This cautious optimism stems from growing confidence in Bitcoin’s macro outlook. STHs, buoyed by market sentiment, appear poised to hold their positions. With the cryptocurrency approaching critical resistance levels, the possibility of higher price targets encourages holders to avoid premature exits, reinforcing the bullish case for 2025.
Bitcoin STH Realized Price. Source: Glassnode
Analyst Crypto Rover recently tweeted that Bitcoin’s bounce from the $94,000 level could “create new millionaires.” The resilience demonstrated at this price point, which has been tested repeatedly over the past six weeks, highlights its importance as a key support level.
This sustained bounce is fueling predictions of a rally to $112,000 in the near term. Bitcoin’s ability to hold above $94,000 amid growing buying pressure reflects strong macro momentum. If this trend continues, the asset will break previous resistance levels and seek higher milestones on its upward trajectory.
Bitcoin Weekly Chart. Source: Crypto Rover
Price prediction
Bitcoin is currently trading at $94,060, with its next major target set at $120,000. On a macro timeframe, BTC appears to be forming a parabolic curve, suggesting sustained bullish momentum. This technical formation is in line with broader expectations for significant growth as 2025 approaches.
The weekly chart supports this outlook, showing that BTC has established its third base between Q2 and Q3 2024. This base is critical to propelling Bitcoin higher, potentially allowing it to surpass its all-time high (ATH) of $108,384. A continuation of this bounce could take Bitcoin beyond $120,000 in the coming months.
Bitcoin Price Analysis. Source: TradingView
However, risks remain. If STHs choose to sell their holdings, Bitcoin could pull back to find support at $89,586. Losing this level could result in a further decline to $72,569, effectively invalidating the current bullish outlook. Short-term market conditions will play a crucial role in determining Bitcoin’s trajectory.
The article Bitcoin (BTC) Forecast: What to Expect from the Asset in 2025? was first seen on BeInCrypto Brazil.
