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Here’s When Bitcoin Will Hit $300,000, According to One Analyst
Bitcoin (Bitcoin) once again shows a strong rebound, successfully establishing its price above the crucial $60,000 mark. support area.
In the middle of the short term bullish feelings, a crypto The analyst believes that the historical trajectory of the asset’s price could prepare Bitcoin to reach $300,000.
In this regard, the pseudonymous analyst apsk32 noted in a X job On July 1, a single power-law metric could drive Bitcoin to a new all-time high.
The expert pointed out that the Bitcoin price has been adhering to a power law for over a decade. This adherence suggests a fundamental growth process in the Bitcoin network, something that is not usually observed in traditional networks. financial markets.
According to apsk32, power law support represents the intrinsic value of the network, the value when all hope and hype have dissipated. To evaluate the current price relative to this inherent value, apsk32 used time as a metric.
Bitcoin Power Law Time Contours: Source: apsk32
Indeed, between 2014 and 2024, Bitcoin clearly showed a tendency to adhere to the power law. During the bull cycles of 2017 and 2021, the price of Bitcoin was five years ahead of the support line.
Apsk32 suggested that by the end of 2025, if the four-year cyclical bull market pattern continues, Bitcoin could be five years ahead of the support line, which would translate into a price of $300,000.
“The 4-year cyclical model of bull markets indicates a peak in late 2025. By the end of 2025, being 5 years ahead of the support line equates to a bitcoin price of $300,000,” the analyst said.
Has Bitcoin Bottomed?
If the prediction comes true, Bitcoin’s short-term price movements remain crucial to watch. Attention is focused on whether BTC has bottomed out. Notably, cryptocurrency trading expert Michael van de Poppe suggested that Bitcoin might be able to make further gains after hitting a higher low and finding support at $60,000.
“The price bottomed out, found support at $60,000 and continued higher. I think we’ve hit the bottom,” Poppe said.
Meanwhile, with Bitcoin having opened the month on a positive note, investors It is hoped that the asset will follow the historical trajectory of July.
In particular, data shared by crypto Coinglass Analytics Platform watch that Bitcoin has historically seen an average decline of 0.35% in June. However, the first crypto has posted minimum monthly gains of 8% over the past seven trading periods through July 11.
Bitcoin Price Analysis
In the short term, Bitcoin is showing signs of resurgence after briefly hitting the $63,000 mark in the last 24 hours. At press time, BTC was trading at $62,770, having gained more than 2% in 24 hours. The value reflects a gain of nearly 5.5% from the weekly low of $59,500.
Attention now turns to Bitcoin reclaiming the $63,000 resistance, which will open the door to a claim of $65,000.
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