Oh, the drama of Bitcoin and Trump’s trade war! The crypto market took a tumble, but did it really mean the end of our beloved BTC bull run? Or was it just a tempest in a teacup?
Folks were initially concerned about Trump’s tariff tantrums, but soon they started to worry if Bitcoin had already reached its peak. And with the Bitcoin Archive warning that every past BTC bull market had topped within 330 days of breaking the prior cycle’s all-time high, people began to sweat. But, hey, Bitcoin bounced back quickly!
The pause on Mexico and Canada tariffs, and President Trump’s Crypto Czar David Sacks’ speech seemed to have calmed the market. And even with China’s announcement of retaliatory tariffs, the Fear & Greed Index soared!
But, dear reader, let me ask you this: could the market be setting itself up for a bull trap? Let’s dive into the onchain data to find out!
Bitcoin Demand: As Strong as Ever!
Even during the tariff war scare, Bitcoin demand remained as strong as a bear in hibernation. It consistently absorbed pullbacks, even at those sky-high levels above $90,000.
According to Glassnode analysis, Bitcoin’s bull market drawdowns suggest that demand for BTC could rise, possibly triggering the market’s “second euphoric phase.” And, as of now, long-term holders still have a larger share of the supply, signaling confidence in even higher prices ahead!
How High Can Bitcoin Go in 2025?
Based on historical data, Bitcoin could reach a peak between $160,000 and $210,000 in 2025. Many analysts, like VanEck’s Matthew Sigel, Bitwise Asset Management, and Bernstein, anticipate a $200,000 Bitcoin price. But, of course, Tom Lee, the ever-optimistic CNBC contributor, predicts a $250,000 Bitcoin price!
When Will Bitcoin Top?
Technical analyst CryptoCon uses the Relative Strength Index (RSI) to determine the cycle’s phases. According to their data, Bitcoin entered the fourth cycle phase in November 2024, pointing to a likely market top around September-October 2025. But, hey, who knows? The real top might still be ahead!
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2025-02-04 23:18