In a post shared on January 26th on X, crypto analyst BitQuant said: prediction Bitcoin (BTC) is expected to recover from its current downward trend and rise above its all-time high of $69,000 to over $250,000 by the time of the Bitcoin halving in April.
Will Bitcoin reach $250,000 before the halving?
From the shared chart, BitQuant notes that Bitcoin is still moving within an ascending channel. The next “touch” in this channel is predicted to be around $250,000 as the coin continues its multi-year upward trend.
For now, if trend lines are any guide, Bitcoin has immediate resistance around $80,000. This level should be the next important target for bulls to retest. According to BitQuant, Bitcoin is likely to cross this line to $250,000 by April before the network automatically halves block mining rewards.
Inferring from analyst previews, Bitcoin’s uptrend is valid until it “touches” the upper limit defined by the uptrend line. Still, it is not specified when this level will be breached.
Once this line is tested and the coin crosses $250,000, the temperature may drop and follow a historical pattern. The depth of this retracement is also undefined, but it is expected to be deep as BitQuant has stated that the coin will “disappear”.
BitQuant explained that this “death” period refers to when Bitcoin’s price is below its all-time high. A comeback is expected. This is often seen after a halving, as the supply of coins tends to increase as demand for them slows. Despite this temporary setback, BitQuant is confident that BTC will regain momentum and continue its long-term upward trend.
The analyst remains bullish, but it’s unclear what the price will be for now. The U.S. Securities and Exchange Commission (SEC) recently approved multiple spots for Bitcoin exchange traded funds (ETFs).
As issuers ramp up their purchases, Grayscale Investments is liquidating the Grayscale Bitcoin Trust (GBTC), selling shares and dumping coins through exchanges.
Recent data According to Lookonchain research, GBTC shed 10,872 BTC worth over $447 million on January 25th. Meanwhile, eight spot Bitcoin ETF issuers added 8,744 BTC, and BlackRock added 4,284 BTC. On January 24th, GBTC shed 13,179 BTC while Fidelity Investments, another spot Bitcoin ETF issuer, purchased 4,023 BTC.
As BTC has found demand, the price is starting to stabilize as seen on the daily chart. The coin has bounced back from heavy selling pressure on January 22nd and has stabilized above $39,500.
Featured image from Canva, chart from TradingView