Bitcoin price to hit $275,000, top crypto expert predicts

Bitcoin price faced strong resistance near $100,000 as retail investors took profits.

Bitcoin (BTC), the largest cryptocurrency, was trading at $98,900 on December 11, below its all-time high of $104,000.

Crypto analysts believe that the coin has further upside potential as demand continues to increase while supply decreases. In a recent article, the Wall Street Journal noted that the cryptocurrency’s supply is one of the main reasons why its value continues to rise.

Bitcoin’s supply is limited to 21 million coins, with more than 19.7 million already mined and only 1.3 million remaining yet to be created. Moreover, millions of coins have been lost and are unlikely to be recovered.

Additionally, a significant portion of Bitcoin is held by organizations that do not want to sell, such as MicroStrategy and Marathon Digital.

The amount of Bitcoin on exchanges has continued to decline, falling from 2.7 million in January to around 2.24 million currently. Meanwhile, Bitcoin’s mining difficulty has increased since the last halving event.

Bitcoin balances on exchanges | graphic: CoinGlass

Meanwhile, demand for Bitcoin is increasing, as evidenced by continued inflows in the exchange-traded fund industry. Inflows exceeded the key $34 billion mark, above what most analysts expected. These funds currently hold over $107 billion in assets.

Crypto analysts remain optimistic about Bitcoin’s future price performance. Ali Martinez, a popular cryptocurrency analyst, predicted in his X post that Bitcoin could eventually rise to $275,000. If correct, this estimate would represent a 177% increase from current levels.

Other analysts are also optimistic. Analysts at Bitwise predicted in a note that Bitcoin could reach $200,000 by 2025 as ETFs attract more inflows. They also predicted that Bitcoin could surpass gold’s $18 trillion market value by 2029.

Bitcoin price analysis Bitcoin price chart | Source: crypto.news

The weekly chart shows that the BTC price has been in a strong upward trend over the past few weeks. It recently surpassed the important resistance level at $69,210, which is the upper side of the cup and handle pattern.

Bitcoin price remained above the 50-week and 200-week Exponential Moving Averages, which crossed into gold in April 2023. It also gained momentum as the Average Directional Index tilted upward.

Therefore, the cryptocurrency will likely continue to rise as the bulls target the key resistance level at $122,258.