BTC once again entered a crucial zone, which has the potential to propel the coin’s price further ahead in the coming days. In fact, a recent analysis predicted that the king coin might touch $130k in Q1 2025.
The king coin’s price has been witnessing multiple corrections over the past few weeks after breaching the $108k mark. To be precise, BTC’s value dipped by nearly 2.5% in the past seven days. Historically, major price upticks have followed such accumulation phases.
Bitcoin’s NULP suggested that investors are in a belief phase where they are currently in a state of high unrealized profits. The technical indicator MACD also displayed a bearish upper hand in the market, suggesting a continued price drop. Bitcoin’s price was about to touch the lower limit of the Bollinger Bands, which often results in a bullish trend reversal.
As of now, at the time of writing this article, BTC is trading around $92.5k and has seen a drop of 1.8% in its price in last 24 hours and has a market capitalization of $1.82 Trillion.