Bitcoin Price Analysis: BTC Holds Steady Above $111,000

Bitcoin (BTC) held its position above $111,000 as its latest breakout takes a breather over the weekend. The flagship cryptocurrency has gained considerable ground since Thursday, reclaiming key levels and moving to its current position. 

Meanwhile, spot Bitcoin ETFs recorded $446 million in net inflows this week, bringing the total to $61.98 billion in net inflows and $149.96 billion in net assets. 

Analysts Disagree With Michael Saylor and Tom Lee’s Bitcoin Predictions 

Bitcoin’s growing mainstream appeal has prompted supporters to make bold, almost audacious price predictions. However, analysts disagree with such predictions. BitMine Chairman Tom Lee predicted that Bitcoin could reach anywhere between $1.6 million - $2 million if it catches up to gold’s market capitalization. 

“Well, gold is moose first and then Bitcoin catches up.”

Lee added that as gold’s “network value” increases, it creates a higher benchmark for digital store-of-value assets like Bitcoin. Gold has rallied over 115% over the past two years, reaching an all-time high of $4,381 per ounce in October. 

Meanwhile, Strategy Chairman Michael Saylor made an even bolder prediction, stating that Bitcoin will reach $21 million per coin within 21 years. Saylor believes that Bitcoin’s limited supply and growing institutional adoption could lead to exponential gains. Saylor’s Strategy is the largest corporate holder of Bitcoin, with 640,418 BTC. Saylor added, 

“If institutions decide to increase their crypto allocation even slightly, the impact on price could be enormous.”

Jim Cramer, a long-time market commentator, is also bullish on Bitcoin. Cramer stated in a post on X, 

“Crypto due for a push today. We are in 2000 territory on specs… We MUST focus on this before people really get hurt. TRIM.”

However, not everyone is convinced by the outlandish predictions. Analyst Valdrin Tahiri disagreed with such predictions and singled out Lee, arguing that his projection assumes a radical reshaping of global financial markets. 

“If Bitcoin ever reached $2 million, its market cap would soar to about $42 trillion, nearly twice the total value of all the world’s gold, which is around $20–25 trillion.”

Tahiri called such predictions “far-fetched” unless there is a massive currency debasement or a global move away from traditional assets. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has steadied itself above $111,000 over the weekend as its rally took a breather. The flagship cryptocurrency has traded in positive territory since Thursday and reclaimed the $111,000 mark, briefly crossing $112,000 before settling at $111,667. The price is marginally down during the ongoing session, trading around $111,613. 

October’s market crash and the subsequent decline in prices have shaken investor confidence, raising doubts about the sustainability of Bitcoin’s bull run. However, some analysts believe the flagship cryptocurrency’s true bull run is yet to begin. Pseudonymous on-chain analyst Arch Physicist highlighted the Value Coin-Days Destroyed (VCDD) to Spent Output Profit Ratio (SOPR) metric. The metric measures the number of coins moved on the blockchain in relation to the potential profits based on their movements. Arch Physicist noted, 

“Gamma + Epsilon’ is used to determine structural highs formed due to Long-Term Holder (LTH) profit-taking, with its current value being around $147,937; ‘Delta + Epsilon’ represents support formed by Short-Term Holder (STH) entry opportunities, currently valued at approximately $92,902. Epsilon, on its part, is used to represent potential price floors.”

The analyst explained that the metric’s functions are in tandem with Bitcoin’s historical price action. 

“Bitcoin’s price has broken above the structural high (Gamma + Epsilon) and reached ATHs near Beta during bull runs. It has also historically made ATLs very close to Epsilon.”

BTC rose nearly 4% on Sunday to reclaim $115,000 and settle at $115,067. The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274. Selling pressure returned on Tuesday as BTC fell to an intraday low of $109,945. It recovered from this level to reclaim $113,000 and settle at $113,068, ultimately dropping 1.91%. Sellers retained control on Wednesday as the price fell 2% to $110,804. Bearish sentiment persisted on Thursday as BTC fell below $110,000 and settled at $108,198. BTC plunged to $103,516 on Friday as selling pressure intensified. However, it recovered from this level to settle at $106,463, ultimately dropping 1.60%.

Source: TradingView

BTC rose on Saturday, rising 0.70% to reclaim $107,000 and settle at $107,208. Buyers retained control on Sunday as the price rose over 1% to cross $108,000 and settle at $108,676. Bullish sentiment intensified on Monday as BTC’s recovery continued. As a result, the price rose nearly 2% to reclaim $110,000 and settle at $110,568. BTC  reached an intraday high of $114,082 on Tuesday. However, market sentiment soured and buyers lost momentum. As a result, the price fell 1.99% to $108,362. Sellers retained control on Wednesday as BTC fell 0.72% and settled at $107,585. Despite the selling pressure, the price recovered on Thursday, rising over 2% to reclaim $110,000 and settle at $110,116. Buyers retained control on Friday as BTC  rose 0.84% to reclaim $111,000 and settle at $111,042. The price continued pushing higher on Saturday, rising 0.56% and settling at $111,666. BTC is marginally down during the ongoing session, trading around $111,544.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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