Bitcoin has cooled down on lower timeframes while altcoin markets have taken advantage and are trending higher. As major investors take profits at BTC’s current price, the top cryptocurrency is struggling.
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According to CoinGecko, at the time this article was written, Bitcoin is currently trading around $118.800, with gains of 2% over the last day and 9% over the week. Ethereum, XRP or Dogecoin all saw gains in excess of 16 percent on comparable timeframes.
BTC price is trending upwards on the daily graph. Source: BTCUSD on Tradingview
Bitcoin price at critical levels, more gains on the Horizon
The Bitcoin price, after a massive upwards push starting at below $100,000 has managed to break a long-term downtrend. It is now close to the current level. As mentioned, a report Glassnode’s on-chain analysts claimed that there was an increase in the profit taken by short-term shareholders.
Bitcoin began to lose momentum and move in a sideways direction as players exited, taking $3.5 billion of profits within 24 hours. Bitcoin’s violent bull-run has not stopped fears that the price will drop from $118,000 to around $110,000.
But, there is a report CryptoQuant and top Crypto Dan analyst Cryptodan suggest that Bitcoin’s bull run has room for more growth. The chart shows that the BTC market today is not at the levels of overheating seen between March 2024 and December 2024.
BTC's realized cap age bands as measured by UTXOs are far below previous bear market levels. Source: CryptoQuant, Crypto Dan
Crypto Dan shared the following insight in his CryptoQuant blog post:
(…) unlike in March and December 2024, on-chain data indicating market overheating shows that the market still hasn’t reached an overheated state.
Bitcoin’s price may rise even further, but the fact that it has cooled down significantly compared with previous short term peaks, suggests that Bitcoin will continue to hit new highs, and could increase significantly by the second half 2025.
Bitcoin Bull run still far from Over?
Bitcoin’s price is expected to continue rising in the near future if bulls maintain their momentum. NewsBTC reported earlier that a leading analyst predicted the adoption of BTC to be unprecedented.
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As such, the analyst said that the ‘real Bitcoin move’ is only about to begin. The analyst stated:
It’s a very high probability that we will reach $400k before the end of 2018. It’s possible that this target is too conservative.
BTCUSD Chart from Tradingview. Cover Image from ChatGPT.
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Source: www.newsbtc.com
