The Bitcoin price has been cooling off on low timeframes, while the altcoin markets take advantage to trend higher. The top cryptocurrency has been struggling as major holders take profit at BTC’s current level.
At the time of writing, the Bitcoin price trades around $118,800 with a 2% gain over the last 24 hours and a 9% gain over the past week, according to data from CoinGecko. Conversely, Ethereum, XRP, and Dogecoin have seen gains north of 16% on similar timeframes.
Bitcoin Price At Critical Levels, More Gains On The Horizon
Following a major upside push from below $100,000, the Bitcoin price broke a persistent downtrend and managed to hit a fresh all-time high close to its current levels. As mentioned, a report from on-chain analytics firm Glassnode claimed an increase in profit taking from short-term holders.
As these players exited the market, taking over $3.5 billion in profits in just 24 hours, the Bitcoin price lose steam and began moving sideways. While Bitcoin has been on a violent bull run, there are still fears of a major pullback from the $118,000 area to the support zone at around $110,000.
However, a report from CryptoQuant, with data from top analyst Crypto Dan, suggests that the Bitcoin bull run still has some room for another leg up. As seen in the chart below, the current BTC market is nowhere near the overheated levels recorded in March and December of 2024.
The CryptoQuant post stated the following, sharing an insight from Crypto Dan:
(…) unlike in March and December 2024, on-chain data indicating market overheating shows that the market still hasn’t reached an overheated state.
Despite the price rising even higher, the fact that overheating has significantly decreased compared to previous short-term peaks suggests that Bitcoin could continue to break all-time highs and rise significantly in the second half of 2025, leaving strong potential for growth.
Bitcoin Bull Run Far From Over?
In this context, and if bulls are able to sustain the momentum, Bitcoin is likely heading for higher. As NewsBTC covered earlier, a prediction from a top analyst claims that the levels of BTC adoption are unprecedented.
As such, the analyst said that the ‘real Bitcoin move’ is only about to begin. The analyst stated:
I have a high degree of confidence that we’ll see $400k by the end of this year. This target might be too conservative.
Cover image from ChatGPT, BTCUSD chart from Tradingview
