CDS Crypto News Bitcoin Holding Strong Above $60K: What’s Next for the Leading Cryptocurrency?
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Bitcoin Holding Strong Above $60K: What’s Next for the Leading Cryptocurrency?

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Bitcoin Holding Strong Above $60K: What’s Next For The Leading Cryptocurrency?

Bitcoin Holding- Study Predicts Bitcoin Could Soar 174% by End of 2024 – Are You Ready?

Bitcoin Holding– Bitcoin (BTC) reached an all-time high of $73,881 in March 2024, delivering impressive 68% returns in the first quarter alone. However, since then, the cryptocurrency has found itself stuck in a tight trading range between $70,000 and $60,000. Despite this, a recent study suggests that BTC could still see a massive 174% gain by the end of 2024. Currently, Bitcoin is showing strong bullish momentum, holding steady above $60,000, with a 3.5% increase over the past 24 hours, as per CoinGecko data.

Bitcoin Holding Strong Above $60K: What’s Next For The Leading Cryptocurrency?
Trading View

Study Predicts High Targets for Bitcoin Between 2025-2026

A Bitcoin researcher, Sminston With, recently shared an insightful study on X.com, where he analyzed the previous Bitcoin bull cycle tops from 2011, 2013, and 2017. His goal was to assess each decaying peak by examining BTC price residuals at each cycle high.

In investment terms, a decaying period refers to the diminishing returns of a strategy over time as it becomes widely adopted or utilized. This period reaches its peak when the decline in an asset’s value accelerates, and the timeframe for profiting from the trade shortens. With explained that he conducted an exponential decay fit using data from 2011, 2013, and 2017 to predict the 2021 BTC peak. His findings were noteworthy:

The results are pretty striking: it predicted $65,732.72, where the actual peak price was $64,682.47, a difference of about $1,050.

Bitcoin Holding Strong Above $60K: What’s Next For The Leading Cryptocurrency?

Looking ahead, the researcher’s study presents a quarter-on-quarter target for BTC between 2024 and 2025, though he cautioned that the study is based on a small dataset of just four market cycles and should be taken with a big grain of salt.

Bitcoin Power Law Points to Six-Figure Targets

While the aforementioned study is optimistic about the months ahead, it aligns with other mathematical models, including the Bitcoin power law. This model, which also utilizes the concept of exponential decay, suggests that Bitcoin has yet to reach its next peak.

Bitcoin Holding Strong Above $60K: What’s Next For The Leading Cryptocurrency?
@sminston_with on X.com

As shown in the accompanying chart, BTC remains below the linear regression line (green) in the current bull cycle. Historically, during the 2013, 2017, and 2021 cycles, Bitcoin’s value peaked when it crossed above this linear regression line. Currently, Bitcoin’s regression line value sits around $88,000, and by early 2025, it is expected to reach $100,000. If history repeats itself, Bitcoin’s next peak could well exceed the $100,000 mark.

BTC Faces Resistance at $62K Amid Market Caution

Bitcoin Holding Strong Above $60K: What’s Next For The Leading Cryptocurrency?
Bitbo

Bitcoin has recovered 14% since August 6 but is facing strong resistance in the $62,000 to $63,800 range. The 50-day and 100-day exponential moving averages (blue and purple lines, respectively) provide potential support within this range.

However, a positive sign for BTC is its rapid recovery above the 200-EMA, indicating ongoing bullish bidding and the absence of a strong bearish presence.

Bitcoin Holding Strong Above $60K: What’s Next For The Leading Cryptocurrency?
Trading View

With markets proceeding cautiously ahead of the U.S. Consumer Price Index (CPI) data release, Bitcoin needs to maintain its position above $60,000 to build the momentum needed for a potential breakout above the $62,000 resistance level.

Bitcoin Holding Strong Above $60K: What’s Next For The Leading Cryptocurrency?

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