Bitcoin has been going through a whirlwind of volatility lately, with its price repeatedly breaking and missing the long-awaited $100,000 mark – not once, but twice. This rollercoaster move has captivated investors, making Bitcoin’s price action more intriguing than ever. Despite these wild swings, market resilience has brought the world’s leading cryptocurrency into the spotlight.
Top cryptocurrency analyst Axel Adler shared his insights on the situation, highlighting a key indicator: Bitcoin price temperature (BPT). According to Adler, BPT rose to 3.2 degrees, signaling increased activity and excitement in the market.
Historically, BPT levels between 6 and 8 have been critical thresholds, often indicating a market top or overheated growth. This suggests that BTC still has room to grow before it peaks, potentially fueling further gains in the coming weeks.
Bitcoin sets the stage for massive gains
Bitcoin is struggling with the $100,000 level, struggling to break and stay above this psychological milestone. Still, the leading cryptocurrency has surged an impressive 50% since November 5, demonstrating its resilience and growth momentum. While short-term volatility persists, Bitcoin’s long-term potential continues to attract the attention of investors and analysts alike.
CryptoQuant analyst Axel Adler offered a deeper look at Bitcoin’s price trajectory. According to Adler, Bitcoin’s price temperature (BPT) – a measure of market activity – rose to 3.2 degrees. Historically, BPT levels between 6 and 8 signal critical moments for the market, often correlating with price spikes or market tops. Adler’s analysis suggests that if BTC reaches 8 BPT, its price could reach an astonishing $178,000 per BTC.
Adler assumes that this goal, although ambitious, is realistic by 2025 if the current demand for BTC on spot markets continues. The combination of institutional interest, decreasing supply due to halving cycles, and consistent spot buying could propel BTC to such high levels.
For now, BTC seems prepared to take time to consolidate and gain momentum, with each pullback presenting an opportunity to accumulate. The long-term outlook remains very confident as BTC appears poised to continue growing at its own pace.
BTC is struggling to break above 100,000. dollars
Since November 22, Bitcoin has encountered significant resistance at the $100,000 level, with bulls struggling to push the price above this key psychological level. Despite multiple attempts, Bitcoin failed to close above $100,000 on the daily chart, signaling that the bears are holding firm in this price range.
If the bulls finally manage to break through and close above $100,000, it could trigger a massive breakout that sends the price to modern highs. This would mark a pivotal moment for BTC, likely sparking a modern wave of buying pressure as market sentiment shifts higher.
However, if the price does not break above this level in the coming weeks, we can expect a period of consolidation or even a correction. An inability to break this critical resistance would suggest weakening momentum, which could potentially lead to lower prices as investors take profits or change positions.
With a close eye on the market, Bitcoin’s next move could have significant ramifications for the broader crypto space. The coming weeks will be crucial in determining whether BTC will be able to regain the 100,000 mark. dollars and continue to grow, or will there be a break in the upward trend.
Featured image from DALL-E, chart from TradingView
