Bitcoin up 5% over the Last Week. What Does This Mean for Price Predictions?
With gains of 4.94% in the last seven days, Bitcoin (BTC) could be poised for a breakout, say some analysts, and investors may be able to say goodbye to the $80-90K range soon.
Since early on in March, Bitcoin has gained nearly 10%, which could indicate a growing surge that whales will latch onto and take full advantage of. If that happens, Bitcoin could push well past $90K and near the $100K level very soon.
Now at $87,715 (BTC/USD) and with a trade volume of $28.6 billion every 24 hours, Bitcoin is moving rapidly. It would not take much to propel it to a high for the year and establish a higher support level.
The descending triangle has been left behind, and a bullish trend could be next. We are seeing slow progress at the moment, with just 0.55% gains in the last day, but that could be laying the groundwork for a surge.
Price Predictions Come Pouring In
One BlackRock executive says a Bitcoin explosion is coming soon, pointing to MicroStrategy and GameStop investments that are likely to give BTC the boost it needs.
There is also less fear about tariffs now that Donald Trump has announced his plans to pull back on some of those and to give some countries a break.
With these factors helping out, Bitcoin could see a near-$150K price point by the end of the year. It is likely more realistic to expect a high of about $120K-$130K, though, because of how bumpy 2025 has been so far for the economy.
Expectations of a Bitcoin breakout were tempered on Tuesday, however, by a negative report from the Consumer Confidence Board, which said that the confidence rating dropped to its lowest point in about a decade. If consumers are worried about prices and the job market, they will be less likely to invest in cryptocurrency, and this factor should weigh on the decision that investors are making about buying Bitcoin right now.
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