Analyst predicts Bitcoin will hit 300000 by this time
Bitcoin (BTC) is once again experiencing a strong rebound, successfully surpassing the crucial $60,000 support zone. In light of this, a crypto analyst believes that Bitcoin’s historical price trajectory could pave the way for it to reach $300,000.
In a post on July 1, pseudonymous analyst apsk32 highlighted a unique metric based on the power law that could drive Bitcoin to a new all-time high. The analyst pointed out that Bitcoin’s price has adhered to a power law for over a decade, indicating a fundamental growth process in the Bitcoin network, which is not typically seen in traditional financial markets.
To assess the current price relative to the network’s intrinsic value, apsk32 used time as a metric. The analyst observed that between 2014 and 2024, Bitcoin has consistently followed the power law. During the 2017 and 2021 bull cycles, Bitcoin’s price was five years ahead of the support line. Based on this pattern, apsk32 suggested that by the end of 2025, with the continuation of the four-year cyclic pattern of bull markets, Bitcoin could be five years ahead of the support line, resulting in a price of $300,000.
However, it is crucial to monitor Bitcoin’s short-term price movements to determine if this prediction will come true. Crypto trading expert Michaël van de Poppe believes that Bitcoin may be in line for more gains after hitting a higher low and finding support at $60,000. He stated, “It made a higher low, found support at $60,000, and continued the momentum upwards. I think we’ve bottomed out.”
In terms of historical performance, Bitcoin has historically experienced a slump of 0.35% in June. However, data from crypto analysis platform Coinglass reveals that Bitcoin has recorded minimum monthly gains of 8% for the last seven July 11 trading periods. Therefore, investors are hopeful that Bitcoin will follow its historical trajectory for July.
In the near term, Bitcoin is showing signs of resurgence, briefly surpassing the $63,000 mark in the last 24 hours. At press time, BTC is trading at $62,770, representing a gain of almost 5.5% from its weekly low of $59,500. The focus now shifts to Bitcoin reclaiming the $63,000 resistance, which could potentially open the door to reaching $65,000.
Disclaimer: The information provided in this article should not be considered investment advice. Investing in cryptocurrencies carries risks, and investors should be aware that their capital is at risk.
