- The BTC Rainbow chart revealed that the coin was still in the accumulation phase.
- If things fall in place, BTC might cross $200k in 2025.
Bitcoin [BTC] crossed a major milestone of $100k in the recent past. But as the market trend changed, the king coin fell.
At press time, BTC was struggling to breach the $98k barrier. But considering its market capitalization, the coin’s 2025 prospect looks optimistic.
Bitcoin’s future potential
CoinMarketCap’s data revealed that BTC’s price dropped by more than 3% in the last 24 hours. At the time of writing, the coin was trading at $97,974.93 with a market capitalization of over $1.93 trillion.
However, despite the bearish market condition, investors’ shouldn’t underestimate the king coin, as it has huge potential going forward.
The Bitcoin Rainbow Chart revealed that the coin was in the accumulation zone. This clearly meant that investors should consider buying the coin, as the chances of the coin’s price booming are high.
For reference, when BTC’s rainbow chart showed a similar reading back in 2020, the coin was valued at $19k. But months later, BTC rallied to over $60k.
Source: Blockchaincenter
In fact, other data sets also suggested a similar price rise in the coming days. For instance, as per the Pi Cycle top Indicator, BTC’s possible market top is at $130k, which seems achievable if market conditions support BTC.
In case the coin goes above that level, then it won’t be too ambitious to expect BTC to double its price in 2025.
AMBCrypto reported earlier that BTC was following a historical trend. If history repeats itself, then BTC might as well touch $220k in the coming year.
However, it should also be noted that the chances of BTC reaching that level will only be possible if enough buying activity happens, supplemented by positive market sentiment around the coin.
Where is BTC headed in the short-term?
Now, what to expect in the short-term? AMBCrypto checked Bitcoin’s daily chart. We found that BTC’s price was about to touch the lower limit of the Bollinger Bands.
Whenever that happens, it indicates that the possibility of a price rebound is high. Additionally, after a decline, the coin’s Relative Strength Index (RSI) displayed signs of a recovery.
Read Bitcoin’s [BTC] Price Prediction 2024-25
An increase in the metric means buying pressure is increasing, which can have a positive impact on BTC’s price in the coming days.
In an event of a trend reversal, investors can expect BTC to first reach the $100k-$110k range before it targets to double its price towards the $220k mark.
Source: TradingView
