bullish

Bitcoin

when

Rekt (rektarb.xyz)

Rekt

Bitcoin’s post-halving price action projects a “six-figure value” per BTC as a popular technical indicator presents a bullish pattern for the world’s largest cryptocurrency.&nbsp;
Based on previous price action, Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) recent <a href="https://cointelegraph.com/news/bitcoin-breaks-below-50000-august-2024#:~:text=The%20Bitcoin%20price%20has%20fallen,capitalization%20has%20been%20wiped%20out.">drop below $50,000</a> saw it trade under its “post-halving growth trajectory range,” according to crypto data provider Ecoinometrics.
“If it returns to this range before year-end, we’re looking at a high likelihood of a six-figure value for one BTC,” they <a href="https://x.com/ecoinometrics/status/1822954839787401686" target="_blank" rel="noopener nofollow">declared</a>, setting ambitious targets for Bitcoin price.
<blockquote>
 “Well, assuming the same growth rate as the past three cycles, we would expect one BTC to be worth between $140,000 and $4,500,000 per coin, starting from $63,000.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/c10070ab-302b-4eb1-8277-1a828786351d.png" alt="3 reasons why Bitcoin traders expect $100K+ BTC price by 2025">
 <figcaption style="text-align: center;">
 Bitcoin growth rate trajectory after the fourth halving. Source: <a href="https://x.com/ecoinometrics/status/1822954839787401686" target="_blank" rel="noopener nofollow">Ecoinometrics</a>
 </figcaption>
</figure>
From a technical point of view, anonymous Bitcoin analyst Rekt Capital argued that Bitcoin’s latest recovery above $60,000 had resulted in a significant change in trend.
“Bitcoin is trying to solidify this recently broken downtrending resistance (red) into a new trendline of support,” Rekt Capital <a href="https://x.com/rektcapital/status/1823028410995601559" target="_blank" rel="noopener nofollow">said</a> in an Aug. 12 post on X.
The analyst referred to <a href="https://cointelegraph.com/news/bitcoin-s-v-shaped-recovery-could-put-btc-on-path-to-new-all-time-high-analysts">BTC’s sharp recovery</a> a few days after Bitcoin crashed to $49,577 on Aug. 5.
Rekt Capital explained that the price was retesting the support line, confirming “the end of the downtrend to precede trend continuation to the upside.”
<blockquote>
 “The key thing here is trend continuation.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/49d36f04-eb27-4869-8aa9-52688dd19d78.jpeg" alt="3 reasons why Bitcoin traders expect $100K+ BTC price by 2025">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: <a href="https://x.com/rektcapital/status/1823028410995601559" target="_blank" rel="noopener nofollow">Rekt Capital</a>
 </figcaption>
</figure>
The analyst reinforced the need for “strong buy-side volume” once Bitcoin price retests the downtrend line to initiate the uptrend. 
The demand side volume may be triggered by the appearance of a bullish signal presented by the <a href="https://cointelegraph.com/news/here-s-5-ways-investors-can-use-the-macd-indicator-to-make-better-trades">moving average convergence divergence indicator</a> (MACD) on the daily chart, as Bitcoin analyst Exel Adler Jr. observed. 
The MACD, a trend-following oscillating indicator that shows the relationship between two moving averages of an asset’s price, generates a bullish signal when it moves above its own nine-day EMA.
Adler Jr. <a href="https://x.com/AxelAdlerJr/status/1823262055136182709" target="_blank" rel="noopener nofollow">shared</a> a chart in an Aug. 13 post on X showing the MACD deep in the negative territory. The same scenario was witnessed on July 8, when the BTC price reached a low of $53,550.
This was followed by a bullish cross from the MACD on July 12, with Bitcoin rising 30% from these lows to retest the $70,000 level on July 29.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/5fb1e5b9-487d-432c-b973-f966f83a3f69.png" alt="3 reasons why Bitcoin traders expect $100K+ BTC price by 2025">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/AxelAdlerJr/status/1823262055136182709" target="_blank" rel="noopener nofollow">Axel Adler Jr.</a>
 </figcaption>
</figure>
There is an impending bullish cross from the MACD on the daily timeframe. If the same scenario plays out, BTC could sustain the ongoing recovery to record higher highs.
Related: <a href="https://cointelegraph.com/news/bitcoin-buyers-wait-below-58k-japan-wipes-record-stocks-crash">Bitcoin buyers wait below $58K as Japan wipes out record stocks crash</a>
<h2 id="bitcoin-investors-return-to-hodling">Bitcoin investors return to “Hodling”</h2>
Reinforcing the long-term bullish outlook for Bitcoin, analysts at market intelligence firm Glassnode <a href="https://insights.glassnode.com/the-week-onchain-week-33-2024/" target="_blank" rel="noopener nofollow">found</a> a “hodling preference is beginning to emerge” among long-term investors as the market slowly recovers from last week’s sell-off.
Glassnode analysts said,
<blockquote>
 “After several months of relatively heavy distribution pressures, the behavior of Bitcoin holders appears to be rotating back towards HODLing and accumulation.”
</blockquote>
The chart below shows that following an extensive period of supply distribution, Bitcoin whales are “returning to a regime of accumulation.”
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/17842b3a-e5da-4aad-9e10-8fe2d9388e26.png" alt="3 reasons why Bitcoin traders expect $100K+ BTC price by 2025">
 <figcaption style="text-align: center;">
 Bitcoin accumulation score by cohort. Source: Glassnode
 </figcaption>
</figure>
Using the Accumulation Trend Score (ATS), a metric that assesses a weighted balance change across the market, Glassnode found that the indicator recorded its highest possible value of 1.0. This suggests there has been significant accumulation throughout the last four weeks.
<blockquote>
 “This metric also suggests there is a shift back toward accumulation dominant behavior.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/8e141d01-1206-43ec-b972-69cef3435dee.png" alt="3 reasons why Bitcoin traders expect $100K+ BTC price by 2025">
 <figcaption style="text-align: center;">
 Bitcoin accumulation trend score. Source: Glassnode
 </figcaption>
</figure>
This trend was more pronounced among Long-term Holders (LTHs), who, according to Glassnode, have returned to a preference for HODLing. Over the last 90 days, more than 374,000 BTC migrating into LTH status.
<blockquote>
 “Overall, onchain conditions speak to an undertone of high conviction amongst the Bitcoin holder-base.
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

3 reasons why Bitcoin traders expect $100K+ BTC price by 2025

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