Analyst predicts Bitcoin will reach 300000 find out when

Bitcoin (BTC) has once again experienced a strong rebound, successfully surpassing the crucial $60,000 support level. In light of this positive sentiment, a crypto analyst believes that Bitcoin’s historical price trajectory could set the stage for a potential rise to $300,000.

According to a pseudonymous analyst named apsk32, a unique metric based on the power law could drive Bitcoin to a new all-time high. This metric is based on the observation that Bitcoin’s price has adhered to a power law for over a decade, indicating a fundamental growth process within the Bitcoin network that is not typically seen in traditional financial markets.

apsk32 suggests that the power law support represents the network’s intrinsic value, which is the value when all hope and hype have dissipated. To assess the current price relative to this inherent value, apsk32 uses time as a metric. By examining Bitcoin’s adherence to the power law between 2014 and 2024, apsk32 notes that during the 2017 and 2021 bull cycles, Bitcoin’s price was five years ahead of the support line. Extrapolating this pattern, apsk32 predicts that by the end of 2025, if the four-year cyclic pattern of bull markets continues, Bitcoin could be five years ahead of the support line, resulting in a price of $300,000.

While this prediction is intriguing, it is important to monitor Bitcoin’s short-term price movements to determine if it has bottomed. Crypto trading expert Michaël van de Poppe suggests that Bitcoin may be in line for further gains after hitting a higher low and finding support at $60,000. However, it remains to be seen if Bitcoin can reclaim the $63,000 resistance level, which would pave the way for reaching $65,000.

In the meantime, investors are hopeful that Bitcoin will follow its historical trajectory for July. Data from crypto analysis platform Coinglass reveals that Bitcoin has historically experienced a slump of 0.35% in June but has recorded minimum monthly gains of 8% for the last seven July 11 trading periods.

In the near term, Bitcoin is showing signs of resurgence, briefly reaching the $63,000 mark in the last 24 hours. As of now, BTC is trading at $62,770, representing a gain of over 2% in 24 hours and an increase of almost 5.5% from its weekly low of $59,500.

It is important to note that the content provided is not investment advice and investing in Bitcoin carries risk.