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- Bitcoin miners are holding tight to their earned BTC.
- Data shows that BTC selling activity has declined over the last 24 hours.
- Analysts weigh in with next bullish expectations for Bitcoin price.
The price of Bitcoin (BTC) has remained in the upper $80,000 price range going as far as $88,500 in the last 24 hours. This steady price holding is likely because Bitcoin miners are holding tight to their BTC. According to Bitcoin Miner Reserve data, no significant selling activity has been recorded in the past 24 hours.
Bitcoin Miners Are Holding Tight
As we can see from the post above, this user chars the Bitcoin: Miner Reserve chart. In particular, this chart shows how all miners seem to have suddenly decided to hold their hard-earned BTC. If these holdings are kept and selling activity drops, it is inevitable that the price of BTC will continue to move in an upward trajectory.
BTC Selling Activity Declines
So far, many analysts held hope that Bitcoin price would recover to the $90,000 price range. This expectation came from the fact that Bitcoin had printed a textbook bullish indicator on its price chart. Just having pumped from the $78,000 price range to nearly $90,000 shows that this pump indicator has likely already played out.
Yesterday, Polumarket announced that statistically, Bitcoin still has a 64% chance to pump back to its $110,000 price target this year. Furthermore, the Co-Founder of BitMEX said that if BTC were to claim $110,000 this year, then the price of BTC would likely shoot up to $250,000 as its next ATH price target.
Bitcoin Still on the Uptrend?
According to most analysts, Bitcoin is still moving in a highly bullish upward momentum. As we can see from the post above, this reputed analyst shares a bullish observation on the BTC price chart. He says that a Bitcoin uptrend is intact and that BTC has reacted strongly around the weekly 50 EMA. Based on this observation, the analyst concludes that Bitcoin could very much go on to set a new ATH in 2025.
Meanwhile, another reputed analyst known for his many silver-tongued predictions has the same point of view of BTC setting new ATHs this year, but, with a twist. According to this analyst Bitcoin will first experience a brutal fall between $50,000 to $70,000 before starting to recover between the months of May and June.
He expects Bitcoin to go on to set new ATHs from July onwards. All in all, the current crypto market and the many price expectations from analysts point out one resounding fact, that the 4-year Bitcoin bull cycle is no longer the norm, and that bullish cycles may be changed from here onwards meaning new ATHs can be expected only when liquidity encourages it.
