As Bitcoin (BTC) experiences a short-term bullish trend, attention has shifted to the cryptocurrency's ability to sustain gains in the coming months.
In fact, Bitcoin is supported by several key catalysts, with the recently approved spot Bitcoin exchange-traded fund (ETF) seen as a long-term driver. At the same time, the upcoming halving event also complements this bullish sentiment.
To gain an overview of Bitcoin's next development, two crypto analysts believe, including Alan Santana and the one on
Bullish consensus for Bitcoin
While analysts differ on the timing of specific price moves, they agree on the overall trajectory: a significant uptrend culminating in a new all-time high in 2025, fueled by the upcoming halving in 2024.
In this context, best_analysts emphasized 2023 in a post dated January 28th.
As the analyst pointed out, Bitcoin continued to post rallies to record highs around a year after the halving, making 2025 a crucial period to watch.
Bitcoin price movement chart for halving. Source: Best_analysts
In contrast, in a series of TradingView posts from Jan. 25 to 28, Santana highlighted the potential for Bitcoin to reach the next all-time high of $180,000, $220,000, or more in 2025.
To support this conclusion, Santana drew parallels between 2019 and the pre-halving correction in 2020, comparing it to the ongoing price movement and the expected halving.
He noted that Bitcoin experienced a five-month recovery rally in 2019, followed by a correction phase that peaked in March 2020. In 2023, it experienced a four-month recovery rally, continued consolidation, and then another four months of gains. January 2024 marked the first red month in 426 days.
“Bitcoin’s price is likely to recover in the same month and then trigger a long-term upward rally in preparation for a major uptrend. We will have to wait and see if the next all-time high stops at 180,000, 220,000 or more in 2025. <…> The future looks great for Bitcoin,” he said.
Bitcoin price analysis chart. Source: TradingView
Short-term correction
In the short term, however, Santana painted a cautionary picture, predicting a “sharp decline” toward $26,000 or even below in February 2024. He interpreted the recent rally above $40,000 as a “dead bounce,” a breathing space before a steeper decline .
Bitcoin price analysis chart. Source: TradingView
The expert attributed the potential plunge to over-indebted traders being liquidated, paving the way for a healthier market and a subsequent bull market in 2024.
“Regardless of these data points, even at $47,000 or $48,000 we would still have a lower high and the bearish potential would remain the same. “It doesn’t matter how high Bitcoin rises now, we will see lower prices before the big bull market takes place,” he added.
Impact of Bitcoin ETFs
In addition to the post-halving hype, part of the market believes that the long-term impact of spot ETFs will potentially increase interest in Bitcoin. As Finbold reports, crypto trading expert Michaël Poppe also suggested that Bitcoin could soon reach a high of $500,000 once the market feels the real impact of the ETF.
Meanwhile, Bitcoin continues to hold above the $42,000 mark. At press time, BTC was valued at $42,373, with a daily increase of almost 1.5%.
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