In the «exploration zone» there are no previous resistances that allow us to anticipate future movements. Various projections on the price of bitcoin extend the bullish cycle until 2025. Bitcoin (BTC) marks a new all-time high above $80,000. The following chart, provided by TradingView, shows the BTC price in the last 7 days:
Bitcoin price since October 1, with 4-hour candles. Source: TradingView. By setting a new all-time high, bitcoin enters what is called “exploration zone” or “unexplored territory”. This expression is used to refer to a price area in which a financial asset—bitcoin, in this case—has never been before. There are no supports or resistances that can be used to anticipate future movements in the price of bitcoin.
How far could bitcoin go?
Answering the question that heads this section is entering the realm of speculation and assumptions. In any case, there are those who have dared to announce their projections.
For Bernsteina financial investment company, bitcoin can easily reach $90,000 this year. Furthermore, analysts at this company maintain that it could reach $200,000 in 2025.
Iván Paz ChainCEO of Trading Different, explains that he projects bitcoin to reach $140,000 next year. Consulted by BitcoinDynamic last week, the specialist commented that, in his opinion, the price of bitcoin after the presidential elections in the United States would follow «its natural and organic course, which will probably be upward.»
Iván Paz Chain, CEO of Trading Differente. Source: courtesy of Emaa Juárez Video and Photography. Evidently Paz Chain was right. Will it also be right with its price projection for next year? We will have to wait to find out. In any case, the analyst clarifies:
«We are going to be analyzing all our indicators and charts, because if the price, for example, reaches $90,000 and we see strong selling pressure from miners, ETFs and other whales, we will have to consider taking short profits. term». Iván Paz Chain, CEO of Trading Different.
US Bank Analysts JP Morgan They are also extremely optimistic about the price of bitcoin. While they have not released predictions that include concrete numbers, they have said that the bull cycle will extend through 2025. That means that BTC, according to them, will continue to rise beyond current prices.
More than 100 cryptocurrencies skyrocket
With the rise of bitcoin, the altcoin market also turned green. At the time of this publication, the 100 cryptocurrencies with the highest market capitalization (not counting stablecoins) are with a price increase if the last 7 days are considered. As can be seen in the following graph, taken from the CoinMarketCap platform, NEIRO (a memecoin on the Ethereum network) is leading the rise with a weekly rise of 110%.
Cryptocurrencies with the highest weekly rise. Source: CoinMarketCap. BitcoinDynamic has reported this morning that even cryptocurrencies that had been in a downward trend for months, such as cardano (ADA), had a great rebound in their price.