New Price Predictions for Bitcoin as Token Passes $63K
Now that Bitcoin (BTC) is bullish again, analysts are predicting incredible prices for the coin later this year. BTC just hit $63,732 (BTC/USD) and continues to climb.
Some analysts are predicting a $150,000 price point for Bitcoin by late 2025, expecting the coin to stay high overall and retain much of its gains over the longer term. There is concern that Bitcoin will have trouble hitting some of the predicted price points and experiencing healthy bull runs if it drops below $56,000.
Bitcoin has recently dipped as low as $53,905, but it did not stay at that point for long at all. The coin quickly recovered as investors took advantage of the low price point. The danger with Bitcoin is when investors decide to bail in large quantities when they see the price dipping. This panic selling helps to drive the price down even further, and when that happens quickly, it can create a ripple effect of panic.
The Current State of Bitcoin
Bitcoin is trading high right now, with trade volume up 43% over the last 24 hours. That jump in volume should sustain Bitcoin’s price for the short term and help trading remain very busy through most of this week. Even if something causes Bitcoin’s price to be negatively impacted, the large commitment made to Bitcoin investing in the first couple days of this week should help the coin to retain its gains.
There are a few price factors to consider as Bitcoin continues its bull run, climbing 1.84% today. First of all, the coin surged after the assassination attempt on former president Trump. That surge may be hitting the end of its lifespan, as we have seen a decrease in gains from day to day since the attack.
Secondly, the US PPI numbers were not overly positive but still helped to carry hopeful economic sentiment for the markets and the state of US inflation. That may change as new economic data is digested this week, including retail sales and the housing market index.
Thirdly, Bitcoin has been low for weeks, struggling below the $60K level, and investors are excited about its bullish trend right now. They may pump the coin up extremely high in the short term in anticipation of a continued upward motion, which could help Bitcoin set a higher support level.
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