A cryptocurrency trading analyst has projected that Bitcoin (BTC) could reach a new all-time high by January 2025. This forecast comes on the back of Bitcoin’s ongoing rally, which has positioned the asset close to breaking the key $70,000 resistance level.
According to Alan Santana, rather than targeting a conservative estimate of $130,000, Bitcoin could rise to between $155,000 and $200,000 by early 2025. This analysis was shared in a TradingView post on October 19.
Santana outlined two potential paths for Bitcoin’s future. In one scenario, the cryptocurrency could see an early blow-off top, with a rapid bullish run peaking around April or May 2025. However, he views this as less likely due to the pace such a rally would require.
The more plausible scenario involves Bitcoin breaking out of its current consolidation, entering a prolonged accumulation phase, and then rising parabolically. This surge could push Bitcoin to $155,000 or even up to $208,000, particularly if inflation worsens or major geopolitical events unfold.
“Not $130,000, but actually much higher—think of a price range around $155,000 or even $180,000–$200,000 if inflation spirals out of control. The only adjustment needed is the timing,” Santana noted.
Santana emphasized that Bitcoin is likely to experience a “blow-off top” in late 2025, in contrast to the double-top pattern seen in 2021. This blow-off top is consistent with Bitcoin’s historical market cycles, similar to the 2017 bull run.
A key element of this prediction is Bitcoin’s technical setup, which features phases of consolidation followed by a significant rally. Santana pointed to a pattern where Bitcoin could test support around the 200-day moving average (MA 200), potentially triggering a short-term correction. This dip might see Bitcoin drop to around $42,000 before launching into a major bullish phase.
Additionally, Fibonacci retracement levels line up with important support and resistance zones. The 0.618 and 0.786 Fibonacci levels could serve as strong support areas.
Bitcoin’s Path to the Next Record High
For Bitcoin to reach these projected price levels, it first needs to overcome the critical $70,000 resistance. Historical data suggests this target may be within reach soon.
According to Cycles Fan analysis, Bitcoin has consistently reached its monthly high toward the end of each month, typically between the 25th and 29th. This trend has been observed over the past three months, indicating that Bitcoin could hit its October high during this period. If this pattern holds, Bitcoin may trade at this level in the coming days.
Meanwhile, an artificial intelligence (AI) tool analysis, as reported by Finbold, supports the projection that Bitcoin could trade above $70,000 by the end of October.
With Bitcoin holding above the $65,000 support zone, some market participants believe that the next bull run has already begun, with a conservative price target set at $100,000.
Despite this bullish sentiment, there are signals urging caution. For example, interest in Bitcoin appears muted, as reflected by Google search trends for “Bitcoin” hitting a yearly low. Additionally, Bitcoin could face regulatory challenges, especially with the European Central Bank recently intensifying its stance against the cryptocurrency.
Bitcoin Price Analysis
As of the latest update, Bitcoin is trading at $68,372, reflecting daily gains of 0.20%. On a weekly basis, BTC has surged over 9%.
Currently, Bitcoin is demonstrating strength in both the short and long term, maintaining levels well above its 50-day and 200-day simple moving averages. However, caution is warranted as the asset’s 14-day relative strength index (RSI) is approaching overbought territory, sitting at 68.04 at the time of writing.