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Here’s When Bitcoin Will Hit $300,000, According to Analyst
Bitcoin (BTC) is once again showing a strong bounce, successfully establishing its price above the crucial $60,000 mark support area.
In the short term bullish feelings, a Encrypt The analyst believes that the historical trajectory of the asset’s prices could pave the way Bitcoin to reach $300,000.
In line with this, the pseudonymous analyst apsk32 noted in a X send On July 1st, a unique power-law metric could push Bitcoin to a new all-time high.
The expert pointed out that the price of Bitcoin has adhered to a power law for over a decade. This adherence suggests a fundamental growth process in the Bitcoin network, something not typically seen in traditional financial markets.
According to apsk32, the power law support represents the intrinsic value of the network, the value when all the hopes and hype have dissipated. To evaluate the current price in relation to this intrinsic value, apsk32 used time as a metric.
Time contours of Bitcoin’s power law: Source: apsk32
In fact, between 2014 and 2024, Bitcoin has shown a clear pattern of power law adherence. During the 2017 and 2021 bull cycles, Bitcoin’s price was five years ahead of the support line.
Apsk32 speculated that by the end of 2025, if the four-year cyclical pattern of bull markets continues, Bitcoin could be five years ahead of the support line, which translates to a price of $300,000.
“The 4-year cyclical bull market pattern points to 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 hit rock bottom?
If the prediction comes true, Bitcoin’s short-term price movements remain crucial to watch. The focus is on whether BTC has bottomed out. In particular, cryptocurrency trading expert Michaël van de Poppe suggested that Bitcoin could be poised to post further gains after hitting a higher low and finding support at $60,000.
“It made a higher low, found support at $60,000 and continued the momentum higher. I think we’ve hit the bottom,” Poppe said.
Meanwhile, with Bitcoin opening the month on a positive note, investors It is hoped that the activity will emulate the historical trajectory of July.
In particular, the data shared by Encrypt Coinglass analytics platform Shows that Bitcoin has historically seen an average decline of 0.35% in June. However, the first Encrypt It posted minimal monthly gains of 8% for seven trading periods since July 11.
Bitcoin Price Analysis
In the short term, Bitcoin is showing signs of recovery after briefly hitting the $63,000 mark in the past 24 hours. At press time, BTC was trading at $62,770, having rallied more than 2% in 24 hours. The value reflects a gain of nearly 5.5% from the weekly low of $59,500.
The focus now shifts to whether Bitcoin is reclaiming the $63,000 resistance, which will open the door for a move to $65,000.
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