The world’s first-ever decentralized digital asset, Bitcoin (BTC), recently broke the $69,300 resistance mark, ushering the coin into a new phase that could likely drive the coin’s highly anticipated market rally. Hence, several bullish sentiments and analyses about the pioneer crypto assets are gracing the crypto market, projecting BTC to the moon.
Amid the excitement about Bitcoin’s bull run potential, Armando Pantoja, a well-respected crypto analyst and trader, recently took to his official X account to call his over 11.9K followers’ attention to the appearance of an ascending triangle pattern on BTC’s price chart with the implications for Bitcoin’s future price movement.
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Bitcoin’s Price Trajectory Towards $250K – Q3 Of 2024 Will Kick Start The Rally
Per Pantoja, BTC’s price trajectory towards $250K will progress in phases with different price targets for each period. Interestingly, the first phase, the post-halving bull market, will play out in the third quarter (Q3) of 2024, with the world’s most valuable crypto asset breaking above $75,000 and rallying towards $100,000.
The expert added that the first market uptrend will form a strong foundation for subsequent rallies. Breaking above $100,000 will usher in the second phase in 2024’s Q4. Pantoja noted that the second stage will signal initial upward movement pointers as the market sentiment improves with enough momentum to skyrocket BTC from $100,000 to $150,000.
Finally, the last phase represents the market peak, signifying Bitcoin’s trajectory towards $250K, which will see the token break above $150,000 with $250,000 as its next stop. Pantoja asserted this last uptrend will happen in Q1 of 2025 or mid-2025.
I stand strong on my prediction of #Bitcoin hitting 💰 $250K by mid-2025!
The recent market pattern (ascending triangle) suggests a strong bullish trend is forming. 🚀
Here is the timeline:
Q3 2024: Post-halving Bull market forming a strong foundation. 💰75-100k
Q4 2024:… pic.twitter.com/k3QpoM7vJT
— Armando Pantoja (@_TallGuyTycoon) June 4, 2024
BTC’s Market Data Supports Bitcoin’s Trajectory Towards $250K Assertion?
According to Bitcoin’s market readings on the popular price actions authority platform, Coincodex, the flagship crypto is trading at about $71,000, having registered a 3% upswing from the previous day. Currently, it is just 4% below its $73,628 all-time high (ATH), which it attained in March 2024.
Meanwhile, the pioneer crypto asset boasts low supply inflation at 1.61%, medium volatility at 4.5%, bullish sentiment, and a “Fear and Greed Index,” indicating greed at 75. In addition, the coin’s risk assessment variables indicated that the coin’s rally potential is imminent, with the only risk stemming from BTC’s overbought state.
Investors Still Accumulating BTC Despite Its Overbought State
Contrary to the above claims of Bitcoin being overbought, which might soon result in its spontaneous price retracement, Ali Martinez, a renowned analyst and chartist on X, revealed in a previous tweet that traders are still buying BTC from exchanges despite its increasing selling price.
Per Martinez, over 37,000 Bitcoin holdings valued at about $2.53 billion were withdrawn from crypto exchanges within a 72-hour, underscoring traders’ interest in the token.
Over 37,000 $BTC have been withdrawn from #crypto exchanges in the past 72 hours, worth around $2.53 billion! pic.twitter.com/gQJLFAy5KY
— Ali (@ali_charts) May 31, 2024
The above-shared chart by Martinez invariably implies that BTC still receives a bulk inflow of cryptocurrency capital investments. This phenomenon always ushers in the general market bull season. Crypto enthusiasts, especially altcoins holders, will hope that Bitcoin’s trajectory towards $250K will mirror Pantoja’s prediction, as it also spews good tidings for them to accumulate massive gains once the bull swings towards altcoins.
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