Industry experts believe that Bitcoin (BTC) has the potential to reach a price of $230,000 by the first quarter of 2025. This prediction is based on the current on-chain and technical indicators of BTC, which suggest that the asset is still in a relatively early stage of its bull cycle. One of the key indicators that analysts are looking at is the Relative Strength Index (RSI). The RSI is a momentum indicator that measures the magnitude of recent price changes. Historically, Bitcoin has topped out at RSI readings above 90 during bull cycles. However, the current RSI reading for BTC is only 64.3, which is just short of entering overbought territory. This suggests that there is still room for BTC to run before it reaches a peak. Another factor that is supporting the bullish outlook for BTC is the fact that the asset has been able to hold its value above the $20,000 level for an extended period of time. This shows that there is strong demand for BTC at these levels, and it could provide a solid foundation for further price increases. Of course, there are still some risks to the bullish outlook for BTC. The cryptocurrency market is still relatively volatile, and there is always the potential for a sudden downturn. However, the current technical and on-chain indicators suggest that the path of least resistance for BTC is up.