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Bitcoin (BTC) price has led the entire altcoin industry in a notable calm, which from a historical perspective will yield a major storm in the near term. The flagship coin has experienced a significant resistance range between $69k and $72k in the past seven months, despite the notable positive fundamentals.
Nonetheless, all indicators point to an inevitable breakout in the near term. Moreover, Bitcoin price has a positive correlation with gold, which has already entered its price discovery phase in the past few weeks.
Institutional Investors Hyperscale the Bitcoin Strategy
Hey @SatyaNadella, if you want to make the next trillion dollars for $MSFT shareholders, call me. pic.twitter.com/NPnVvL7Wmj
— Michael Saylor
(@saylor) October 25, 2024
The palpable success rate of MicroStrategy Inc. (NASDAQ: MSTR), with its stock market up over 300 percent YTD without a major product in the market, has attracted more companies led by BlackRock, and Metaplanet, among others. Earlier today, a $3 trillion valued tech coo at Microsoft announced that its shareholders will vote in December on whether to invest in Bitcoin or not.
According to on-chain data analysis, the supply of Bitcoin on centralized exchanges has dropped to a multi-year low of about 2.39 million. The US spot Bitcoin ETFs have accumulated BTCs worth over $60 billion in the last few months.
Bull Market Target
According to a long-time crypto analyst Michaël van de Poppe, Bitcoin price is on the precipice of entering its most thrilling part in the next few months. Based on the four-year Bitcoin bull market, which is marked by the halving event, Poppe is confident that BTC price will reach a range of between $300k and $500k in 2025.
A similar bullish narrative has been issued by popular Bitcoin analyst alias PlanB.
Wall Street banks, which are already invested in Bitcoin through the spot ETF market, believe that BTC price will rally parabolically if Donald Trump wins the upcoming presidential election.
