According to cryptocurrency analyst ‘Daan Crypto Trades’, Bitcoin is now in the process of determining its true value, as he shared this viewpoint with his 390,000 followers on January 7th.
Price exploration takes place as an asset reaches uncharted heights and establishes successive record-breaking highs. Presently, Bitcoin is merely a 6% distance from its December 17 maximum value of $108,135, as indicated by CoinGecko.
In just a week, it surpassed an increase of over 10%, and it exceeded the $100,000 mark once more during after-hours trading on January 6th.
On Tuesday morning in Asia, Bitcoin reached a peak of approximately $102,500 during the initial trading hours, only to experience a minor dip afterward.
Most Bullish Year of The Cycle
The analyst noted that we’re currently in the first complete week after the halving event, a period in Bitcoin’s history that typically sees the most optimistic market trends,” he commented.
$BTC Has only just started its price discovery phase.
This week marks the initial seven days of the period following Bitcoin’s halving event, a timeframe that traditionally exhibits the highest level of bullish sentiment throughout the entire cycle.
Exciting times.
— Daan Crypto Trades (@DaanCrypto) January 6, 2025
CryptoQuant founder Ki Young Ju was also bullish, commenting on this bull market on X on Jan. 7.
The current surge in Bitcoin prices could potentially last longer than any previous cycle. Fresh financial resources have been consistently pouring into the market, with even more on standby.
On the contrary, certain analysts within the company believe that the ongoing bull market might conclude during the initial half of this year.
According to Benjamin Cowen, the creator of ITC, Bitcoin might need to regain an upcoming trendline, potentially pushing its value up to around $120,000 by January 20th – the date of Donald Trump’s inauguration.
Should Bitcoin reach its previous short-term trendline once more, it might indicate a potential value of around $120,000 by January 20th.
— Benjamin Cowen (@intocryptoverse) January 6, 2025
As I closely monitor the market trends, I’ve noticed an exciting development with Bitcoin. Rekt Capital, another astute analyst, points out that yesterday’s bullish daily candle surpassing $101,165 represents a breakout from its daily trading range. This could be a significant milestone in Bitcoin’s price movement.
He further mentioned that the year 2025 could mark the peak of the bull market, followed by a bear market in 2026. Then, in 2027, we might see a turning point or bottoming out, which would pave the way for a fresh, new bull market.
As a seasoned crypto investor, I too find myself re-entering the market at these price points, much like Tone Vays did following his sell-off in November.
With the end of the year, I’ve resumed my long position in Bitcoin starting from this afternoon, with its current price roughly hovering at 100,000 dollars.
Elsewhere on Crypto Markets
The total value of cryptocurrencies slightly increased to approximately $3.74 trillion as I’m typing this, primarily because Bitcoin experienced a 2.7% rise and surpassed the six-figure mark once more.
On Tuesday morning, Ethereum didn’t sustain its brief surge beyond $3,700, instead returning to its previous level.
Generally speaking, most altcoins showed little change, but there were small increases for Tron (TRX), Avalanche (AVAX), and Hyperliquid (HYPE).
Read More
- SUI PREDICTION. SUI cryptocurrency
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- LDO PREDICTION. LDO cryptocurrency
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Clash Royale Deck Discussion: Strategies and Sentiments from the Community
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- ICP PREDICTION. ICP cryptocurrency
- Naughty Dog’s Intergalactic Was Inspired By Akira And Cowboy Bebop
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- EUR IDR PREDICTION
2025-01-07 10:43