Bitcoin‘s (BTC) price has been stuck in a narrow trading range for over ten days, causing market participants to anticipate a significant breakout. Increased interest in altcoins has affected Bitcoin’s trading volume. Throughout the past week, Bitcoin has shown a stagnant and horizontal trend, especially after retreating from levels above $71,000, which reduced its bullish momentum. Investors now expect this stagnant trend to continue for a while, but in the long term, market dynamics could change significantly, impacting Bitcoin’s price.
Short-Term Expectations for Bitcoin
Currently, major cryptocurrencies, including Bitcoin, are likely to maintain a slow trend throughout the month. This indicates that liquidity has recently shifted to trending altcoins. Experts highlight that profits from these altcoins could lead to liquidity returning to Bitcoin. This change in liquidity could occur in the early days of the second half of the year and potentially lead to a different trend in Bitcoin’s price.
When analyzing Bitcoin’s price with historical analyses in mind, it can be said that it is on track to form a new all-time high (ATH) in the first few weeks of 2025. During the previous bull run, Bitcoin’s price moved in a parabolic upward trend, and it currently seems to be in the middle of such a rally.
Relative Strength Index (RSI) indicates a well-planned rally after completing several recovery curves and is now preparing to turn downward. Based on this analysis, Bitcoin’s price could fall in the short term, but with a significant change in market dynamics and a reversal in RSI, it could rise again.
New Bull Run Towards $85,000
Currently, Bitcoin’s price continues to consolidate, appearing to build a strong foundation for a significant rise. According to experts, this consolidation could last for a few more months, after which the price could rise along the parabolic curve that serves as strong support. Alternatively, if selling pressure increases, the price of the largest cryptocurrency could drop to the support level below $60,000. Such a drop could attract bulls to the market and initiate a new bull run towards $85,000.
The next few weeks leading up to the mid-year candle close will be critical for Bitcoin. The closing levels during this period could determine the next course of action for the largest cryptocurrency.
