After a brief dip below $90k earlier this week, Bitcoin (BTC) has been on a steady rise, leaving many wondering if the cryptocurrency is gearing up for its next big move. On Thursday, January 16, Bitcoin surged past a key resistance level of around $97.6K, reaching $99.2K during the mid-London session.
Could this be the start of a new chapter for Bitcoin?
Bitcoin is now facing a significant psychological resistance zone between $100k and $108k. A break above this range could trigger a new bull rally, potentially leading to new all-time highs. Meanwhile, the price of gold is also preparing for a potential bull run after breaking through a key downward trend at $2,697.
Bitcoin’s Bull Market Still Has Room to Grow
According to a report from CryptoQuant, Bitcoin has not yet reached the peak of the 2024/2025 bull market, based on several key indicators. After bouncing back from below $90k, Bitcoin is now possibly entering a phase of horizontal consolidation, setting the stage for further gains.
CryptoQuant has shared several possible price targets for Bitcoin. On the high end, Bitcoin could reach $249k, with a market cap of around $4.969 trillion. In a more moderate scenario, the price could hit $197K by 2025, corresponding to a market cap of about $3.929 trillion.
On the lower end, Bitcoin could