🇺🇸 "gone are the days of mining $BTC and selling to cover costs and still make a profit. A new wave of #hodling more consistent and miner purchases is upon us" miners are diversifying their computing power functions, the time will come to better use the power of #BTC in favor of the needs of an increasingly technological society. 🤯

Despite sideways volatility, Bitcoin (BTC) price has closed a daily candle above $95,000 every day since Nov. 27, indicating continuous buying pressure from investors at a higher range.

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

While price fluctuations or choppy markets can last weeks, an Ernst and Young consultant says the long-term price expectation for Bitcoin in 2025 remains high.

Bitcoin target ranges between $173K to $461K in 2025

Danny Marques, a Bitcoin mining industry researcher, recently highlighted a study based on the past three bull cycles. The study includes BTC’s post-halving performance and targets based on Fibonacci extensions.

Bitcoin price target based on Fibonacci extensions by Danny Marques. Source: X.com

The researcher said that after “back-testing” data over the past three cycles, Bitcoin has chronologically topped around the 3.618, 2.272, and 1.618 Fibonacci levels in 2012, 2016, and 2020. Thus, the minimum target attained by BTC during each cycle is the 1.618 FIB level. Marques added,

“Assuming that the macro does NOT deteriorate like in 2020, prior cycle observations show that Bitcoin could land anywhere between the 1.618 and the 2.272 fib. In other words, 1 BTC $173,646 - $461,135 in fiat terms.”

In Q3, Cointelegraph reported a similar study that evaluated BTC targets for 2025-2026 based on decaying peaks from past cycle highs. The research was conducted through an “exponential decay fit analysis,” which led to a minimum price target of $199,998 for BTC by the end of Q4 2025.

However, the upper range was more conservative at $288,211 compared to Marques’ maximum price target of $461,135.

Related: Historically accurate ‘decaying peaks’ study sees Bitcoin price at $164K by 2025

Bitcoin miners are “diamond handing” BTC

With Bitcoin crossing $100,000 on Dec. 5, a wave of profit-taking has occurred over the past week, with long-term holders selling 827,783 BTC around the $99,200 mark.

However, On-Chain College, an anonymous Bitcoin analyst, said miners are “diamond handing” their BTC in 2024. The analyst explained that miners back in January 2021(the beginning of the last bull run) were facilitating high-selling pressure, with Bitcoin miners’ net position change rising as high as 41,000 BTC.

MIner Net Position change chart. Source: X.com

It has dropped down to 3,700 BTC in December 2024, which is a drop of almost 91%. The analyst added,

“Long gone are the days of mine BTC and sell to cover costs plus keep profit. A new wave of more consistent hodling AND buying from miners is upon us.”

From a technical standpoint, Bitcoin's price continues to coil at a higher price range, with immediate targets between $115,000 and $126,500. Unless BTC closes a daily candle below $95,000 or drops below $90,200, the crypto asset is expected to attain higher prices before the end of 2024.

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

Titan of Crypto, an independent crypto analyst, shared a similar outlook, saying that BTC has “surged” above the blue line on the “power law corridor.” Based on historical data, the trader expected the BTC price to move rapidly, as “such breakouts often signal explosive upward moves.”

Related: ‘Patient zero’ of Bitcoin gaslighting was Digiconomist in 2018: ESG analyst

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.