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Bitcoin Price Forecast For Next Week: Bitcoin Sets Sights Above $30K As 72% Holders Turn Profitable This week saw Bitcoin hitting $30,000, a level unseen since August, suggesting that the much-anticipated ETF could soon receive SEC approval as buyers step up their game. Additionally, with the halving event approaching, Bitcoin’s price is witnessing a significant surge in on-chain metrics. In the coming week, there’s potential for Bitcoin to not only sustain over the $30,000 threshold but also to reach new peaks. Bitcoin’s value successfully surged above the $30,000 threshold on Friday, following a week of steady support around the $28,300 mark. Encouragingly, on-chain statistics indicate that the surge has brought most BTC holders into a phase of profitability. IntoTheBlock’s ‘Historical In/Out of Money’ analysis categorizes existing Bitcoin investors based on the prices at which they entered the market. This method .

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dump soon

While Bitcoin, BTC, remains bound within the $90,000-$100,000 price bracket, some crypto analysts forecast that a correction could take place soon because a 'head and shoulders' formation is seen on the daily chart. Head and Shoulders: Can Bitcoin Drop to $80,000? Aksel Kibar, a seasoned analyst and trader, came forward on X to project some thoughts on the latest price action of BTC. On his post, this chartered market technician pointed out that he may see a head and shoulders formation on the daily BTC chart that could drop as low as $80,000. bitcoin kibar He explained that the pullback could see BTC's price head toward the broadening pattern that completed with a breakout above $73,600. Kibar, however, was keen to note that for a significant pullback in the BTC price, the head and shoulders pattern needs to paint up fully. He said: It is not sufficient to just witness it. It needs to materialize with a breach below the neckline. There exist many cases of failed head and shoulders tops especially in steady uptrends well above the year-long average. Other crypto analysts have also shared related bearish outlooks for Bitcoin's price. For instance, technical analyst Ali Martinez identified $92,730 as the critical price for the top cryptocurrency. According to Martinez, losing the level could plunge the BTC into "free fall territory, based on UTXO Realized Price Distribution (URPD). URPD stands for Unspent Output, price, and date-a metric that reflects Bitcoin's Unspent Transaction Outputs into a distribution across the wide range of price levels when they were last timestamped and moved. Simply explained, it helps pinpoint areas where large-scale BTC accumulation or spending has occurred in various price ranges as an indicator of investor behavior and sentiment. Elsewhere, former Wall Street derivatives trader Tone Vays also warned that BTC trading below the $95,000 price level would be "very, very bad" for the flagship digital asset. Similarly, veteran trader Peter Brandt recently warned of the possibility of BTC breaking down from a 'broadening triangle' formation, falling all the way to the $70,000 level. bitcoin brandt While some analysts are predicting a possible price correction, others are still optimistic of the long-term outlook of Bitcoin. Thomas Lee, an analyst at Fundstrat Capital, estimated that BTC could surge as high as $250,000 by 2025. He allowed, though, that a short-term correction to $60,000 might be possible early next year before Bitcoin embarks on a historic bull run. The Long-Term Bullish Case For BTC Though some analysts do believe that BTC is staring at a looming price correction, the long-term price predictions remain very positive. For instance, Crypto asset manager Sygnum believes that BTC might witness 'demand shocks' on the back of strong institutional interest in the digital asset that could push its price much higher. Earlier this month, Ali Martinez pointed out that a 'cup and handle' pattern might be forming on the chart of BTC. This may trigger additional upside momentum in the asset if it were to be actualized. At the time of writing, BTC changes hands at $94,149, down 2.5% in the last 24 hours. $BTC

it will go to 0.04 price soon $EARNM