Bitcoin Price Could Reach $87K by 2025, Faces Key Resistance

September 02, 2024 09:16 PM AEST | By Team Kalkine Media

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Bitcoin Price Could Reach $87K by 2025, Faces Key Resistance — Image source: shutterstock

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Bitcoin's potential breakout may be postponed until October unless it surpasses a critical resistance level of $59,600.

According to technical analysis by Titan of Crypto, {Bitcoin} (BTC) is projected to reach $87,000 by early 2025 based on the power law corridor model. This model assesses the relationship between Bitcoin’s price and time, a tool frequently utilized by long-term holders to gauge future price movements. The Gaussian channel, another technical indicator, is used by traders to define trends by outlining upper and lower price bounds.

Despite these long-term projections suggesting significant upward movement, Bitcoin is currently constrained by a vital resistance level. The cryptocurrency's price remains below the $59,600 threshold, a key level that must be breached for a breakout to occur. If Bitcoin fails to overcome this resistance, the anticipated breakout might be delayed until October.

Market analyst Elja Boom highlights this resistance as a critical barrier, noting that Bitcoin's price trajectory could be stalled if it does not manage to clear this key level. The ongoing struggle with this resistance line illustrates the current challenges facing Bitcoin, despite the more optimistic long-term forecasts.

As Bitcoin navigates these short-term technical challenges, the focus remains on whether it can break through the $59,600 resistance to accelerate towards its projected price target of $87,000.

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