Bitcoin's Progression Thwarted by Technical Expert's Pinpointed Resistance Area Preventing Fresh Record Heights
In the current financial landscape of January 7, 2025, Bitcoin, the leading cryptocurrency, is showing signs of a potential move towards new all-time highs.
Technical analyst Ali Martinez predicts that Bitcoin needs to overcome a minor resistance before heading towards these new heights. Meanwhile, Michael van de Poppe, founder of MN Trading, shares a similar view, stating that if the $100,000 level holds, new all-time highs for Bitcoin are expected.
Bitcoin has already made a great start to the year, trading above $100,000. Currently, it is trading above a significant support zone between $95,400 and $98,400. There is minimal resistance ahead of Bitcoin, with a supply wall of 107,000 BTC between $104,700 and $105,770.
One of the key factors contributing to this potential move is the influx of massive institutional money entering through new spot Bitcoin ETFs. Analysts at Glassnode have observed a significant decline in the 7-day moving average of funding rates for Bitcoin, dropping from 0.026% to 0.009%. This decline suggests a cautious positioning among speculators.
The Bitcoin halving event, which historically drives supply cuts and subsequent price rallies, is another factor at play. This event, which occurred recently, is expected to create scarcity, underpinning a possible peak between $125,000 and $150,000 in late 2025.
Easing geopolitical tensions, such as those between Russia and Ukraine, and improvements in U.S.-China trade relations, have also helped Bitcoin rally from prior lows. These elements combined are expected to fuel a strong bullish trend potentially pushing Bitcoin's price well beyond previous highs.
However, regulatory uncertainty remains a risk. A major regulatory crackdown could dampen investor enthusiasm and stall or reverse gains. Despite this, broad expert consensus emphasizes institutional capital flow, halving-induced supply cuts, and improved geopolitical/macro conditions as the primary bullish drivers for Bitcoin approaching new all-time highs in early 2025.
Price forecasts vary, but generally indicate substantial upside. For example, CoinPedia suggests a potential high around $168,000 in 2025, StealTheX posits over $200,000 as possible, while Changelly offers a more conservative peak near $115,000 for late 2025.
On most exchanges, appetite for leveraged longs remains subdued, reflecting a cautious approach among traders. As we move forward, it will be interesting to see how these trends unfold and whether Bitcoin can indeed reach new all-time highs in the coming months.
In the consensus among analysts, Bitcoin's potential move towards new all-time highs could be facilitated by the influx of institutional money, the halving event inducing supply cuts, and improvements in geopolitical and macroeconomic conditions. Meanwhile, Michael van de Poppe predicts that if the $100,000 level holds, Bitcoin is expected to reach new all-time highs.
