The Bitcoin market has recently entered a period of cooling off, particularly noticeable in low timeframes, while altcoins have taken advantage of the moment to trend higher. As Bitcoin struggles with major holders taking profits, many are watching carefully to see where the cryptocurrency might head next.
As of the latest update, Bitcoin is trading around $118,800, with a modest 2% gain over the past 24 hours and an impressive 9% increase this week, according to data from CoinGecko. In stark contrast, major altcoins such as Ethereum, XRP, and Dogecoin have enjoyed significant gains of over 16% during similar timeframes, highlighting a shift in market dynamics.
Bitcoin Price At Critical Levels, More Gains On The Horizon
Following a significant rise from below the $100,000 mark, Bitcoin recently broke free from a persistent downtrend, reaching a fresh all-time high that closely mirrors its current trading levels. A report from the on-chain analytics firm Glassnode indicates a notable increase in profit-taking activities among short-term holders. In a 24-hour span, these holders took more than $3.5 billion in profits, which, in turn, caused Bitcoin’s price to lose momentum and adopt a sideways trading pattern.
Despite the bullish trajectory that Bitcoin has maintained, concerns linger regarding a potential pullback from the current area of approximately $118,000 to a support zone closer to $110,000. However, a report from CryptoQuant, backed by insights from prominent analyst Crypto Dan, suggests that the bull run might still have significant potential for further gains. As visualized in the accompanying charts, Bitcoin’s current market conditions are far from the overheated status observed in prior months, particularly in March and December 2024.
CryptoQuant’s findings indicate that the market has not yet reached a critical overheating state, which could pave the way for additional gains. The analysis highlights that even as Bitcoin’s price continues to rise, the cooling-off observed is a favorable sign suggesting potential for more bullish momentum in the latter half of 2025. This insight provides a cautiously optimistic outlook for brands involved in the Bitcoin ecosystem.
Bitcoin Bull Run Far From Over?
With the current trends in mind, there’s a growing sentiment that the Bitcoin bull run is far from exhausted. If bulls can maintain and build upon the present momentum, Bitcoin could very well shoot towards new heights. As earlier reported by NewsBTC, a leading analyst has noted that Bitcoin adoption rates are at unprecedented levels, reinforcing the notion that we might be on the brink of massive market movements.
This leading analyst confidently predicts that Bitcoin could reach $400,000 by the year’s end, suggesting that this target might be conservative given the market’s dynamics. The optimistic forecasts, coupled with data-driven insights, position Bitcoin for a potentially thrilling conclusion to 2025, warranting close attention from traders and investors alike.
