Top Crypto Expert Predicts Bitcoin Price Will Reach $275,000

Bitcoin, the largest cryptocurrency by market capitalization, has faced strong resistance around the $100,000 level, as retail investors have engaged in profit-taking. As of December 11, Bitcoin was trading at $98,900, slightly below its all-time high of about $104,000. Despite this, many crypto analysts believe Bitcoin still has significant upside potential, as demand continues to grow while its supply is limited.

One of the primary factors driving Bitcoin’s long-term price growth is its capped supply, which is fixed at 21 million coins. Over 19.7 million Bitcoins have already been mined, leaving only 1.3 million left to be created. Additionally, a substantial number of Bitcoin coins have been lost over time, further reducing the available supply. Another factor supporting Bitcoin’s price is the large amount of Bitcoin held by entities such as MicroStrategy and Marathon Digital, which are unlikely to sell their holdings anytime soon. The amount of Bitcoin available on exchanges has been steadily declining, dropping from 2.7 million in January to approximately 2.24 million today. This shrinking supply is further compounded by the increasing mining difficulty, especially following the latest halving event.

At the same time, demand for Bitcoin is on the rise, as evidenced by the significant inflows into exchange-traded funds (ETFs). The total inflows have surpassed $34 billion, exceeding expectations, and these funds now hold over $107 billion in assets. This growing interest in Bitcoin, especially through ETFs, has led many analysts to remain optimistic about its future price trajectory.

One prominent crypto analyst, Ali Martinez, has predicted that Bitcoin could eventually reach $275,000. If this forecast proves correct, it would represent a 177% increase from the current price. Other analysts, including those from Bitwise, are also optimistic, with predictions that Bitcoin could reach $200,000 by 2025, fueled by continued inflows into ETFs. Additionally, they project that Bitcoin could surpass gold’s market capitalization of $18 trillion by 2029, cementing its place as a major financial asset.

Bitcoin Price Analysis

Bitcoin’s price chart shows a strong bullish breakout over the past few weeks, with the cryptocurrency recently crossing the significant resistance level of $69,210, the upper boundary of a cup-and-handle pattern. The price has remained above both the 50-week and 200-week Exponential Moving Averages, which formed a golden cross in April 2023. This is a positive technical indicator, signaling potential further price gains. Additionally, the momentum is supported by the upward tilt of the Average Directional Index (ADX), suggesting that Bitcoin’s bullish trend is likely to continue.

Given these technical indicators, Bitcoin is expected to continue rising, with bulls now targeting the next key resistance level at $122,258. The combination of limited supply, rising demand, and strong technical signals suggests that Bitcoin could be on track for substantial price growth in the coming months.