Bitcoin’s value is creeping increasingly closer to $72,000 which, according to financial experts, could catapult its value into the six-figure bracket by 2025. As of October 29th, there was a 5% increase in Bitcoin’s price, breaking past the $70,000 threshold, setting the stage for potentially larger gains.
The growth is illustrated by the rise from $67,541 to $71,220 on October 29, a significant increase of 5.86% marking a 20-week peak for bitcoin. The financial results showcased by Cointelegraph Markets Pro and TradingView are paralleled by substantial trade volumes that have reached $47.5 billion.
The surge has potentially been propelled by the liquidation of $78 million shorts in the last 24 hours. Financial data by CoinGlass indicates that traders closing their losing bets might have escalated the price. As Bitcoin continues to rally, the key areas around the $70,000 valuation are being established as strong support benchmarks.
Analysts unanimously highlight a clear hurdle for Bitcoin at the $72,000 threshold. With over $35.7 million ask orders hovering above the $72,000 mark, the significance of this barrier for growth is clear. However, the support Bitcoin garners on lower valuations appears to be stronger than the resistance at higher thresholds, suggesting an upward trajectory is the path of least resistance.
Analysts suggest that if Bitcoin manages to close decisively above the $72,000 mark, it is likely to bypass its all-time high of nearly $74,000 set in March 2024. The predictions vary among experts, with some seeing a future peak occurring between late August 2025 and early September 2025, hitting somewhere between $130,000 and $150,000. Others consider a $150,000 target “perfectly possible” according to their analyses.