The post Here’s When Bitcoin Price Will Hit $117,000 appeared first on Coinpedia Fintech News
Bitcoin surged to $99.8K yesterday before taking a nosedive at $95,484, shedding the profits of the Christmas rally. Traders are becoming increasingly bullish, with speculation about Bitcoin reaching $110K to $117K. However, Santiment notes that historically, Bitcoin tends to hit $110K only when the crowd least expects it. Despite Bitcoin’s recent decline, the market is bullish on its long-term goals.
Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn't expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio
— Santiment (@santimentfeed) December 26, 2024
But is the market overhyping the targets what is the realistic target BTC can hit in the upcoming bull market, let’s get the insights from analysts.
Dan’s Bitcoin Prediction 2025
Dan Morehead, the CEO of Pantera Capital, predicts that Bitcoin could reach $117,000 by August 2025. He bases this forecast on Bitcoin’s historical price movements around its halving events, which happen every four years. The halving reduces the reward for miners, and Morehead points out that Bitcoin’s price usually starts rising about 400 days before the halving and peaks around 480 days after the event.
The last halving took place in April 2024, cutting the reward for miners from 6.25 BTC to 3.125 BTC. Morehead believes that Bitcoin’s price will follow this pattern and climb to $117,000, which would represent a 22.53% increase from its current price of $95,484.
Macro Factors Can’t Be Ruled Out…
In addition to the halving effect, Morehead also factors in macroeconomic conditions and political developments that could help drive Bitcoin’s price higher. He expects these factors to contribute to Bitcoin’s potential growth and help it reach the target of $117,000 by mid-2025.
Morehead’s prediction comes during a time when Bitcoin is already showing strong growth, and many investors are watching the halving closely for signs of a continued bull market. If Bitcoin follows its historical trend, the coming months could see significant price gains as it heads toward its next peak.
Other Bold Predictions: Could Bitcoin Hit $500K?
Pantera’s optimistic outlook echoes other ambitious predictions. Matt Hougan, CIO of Bitwise, recently speculated that Bitcoin could soar to $500,000 if Donald Trump implements his plan to establish a national Bitcoin stockpile.
This proposal, revealed at the Bitcoin Conference earlier this year, has sparked widespread interest, with some suggesting that other countries might follow the U.S. lead. With Japan’s rejection of the Bitcoin Reserve plan, it will be a good opportunity for the US to take the first mover advantage to become the Bitcoin leader globally.
Even Perianne Boring, Digital Chamber CEO also said that Bitcoin will hit $800,000 under Trump’s leadership.
With Bitcoins rising trend, analysts see these short-term dips as a great opportunity to enter the market like Microstrategy is doing right now. But you need to be careful as experts also believe in a market crash possibility if Trump’s policies get delayed due to political differences.
