In a post shared on X on January 26, crypto analyst BitQuant forecasts that bitcoin (btc) will recover from the current bearish trend and surpass its all-time high of $69,000 to over $250,000 before the next bitcoin halving in April.
<img decoding="async" class="size-full wp-image-571897" src="https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Predicts-Bitcoin-Will-Hit-250000-Before-Halving.jpg" alt="btc at $250,000 before halving | Source: BitQuant on X” width=”1024″ height=”484″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Predicts-Bitcoin-Will-Hit-250000-Before-Halving.jpg?w=1128 1128w, https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Predicts-Bitcoin-Will-Hit-250000-Before-Halving.jpg?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Predicts-Bitcoin-Will-Hit-250000-Before-Halving.jpg?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Predicts-Bitcoin-Will-Hit-250000-Before-Halving.jpg?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Predicts-Bitcoin-Will-Hit-250000-Before-Halving.jpg?w=750 750w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>btc at $250,000 before halving | Source: BitQuant on X
In the shared chart, BitQuant notes that bitcoin is still trending within an ascending channel. Outside of the multi-year uptrend the coin is in, the next “touch” of this channel is projected to be around $250,000.
For now, if the trendline guides, bitcoin has immediate resistance around $80,000. This level should be the next key target for the bulls to retest. According to BitQuant, bitcoin is likely to float above this line at $250,000 in April before the network automatically halves block mining rewards.
Extrapolating from the analyst's preview, bitcoin's bullish trend remains valid until the upper limit defined by the ascending trend line is “touched.” Even so, it is not specified when this level will be exceeded.
Once this line is tested, placing the coin above $250,000, it is likely to continue its historical pattern of cooling. The depth of this pullback is also undefined but is expected to be deep as BitQuant said the coin will “die.”
BitQuant explained that this “death” period refers to the price of bitcoin falling below its previous all-time high. A setback is expected. This is common after halving, as supply tends to increase as demand for the coin decreases. Despite this temporary setback, BitQuant remains confident that btc will regain momentum and continue its long-term bullish trend.
Although the analyst remains optimistic, it is unclear how prices will evolve for now. The United States Securities and Exchange Commission (SEC) recently approved multiple slots for bitcoin exchange-traded funds (ETFs).
Although issuers have increased purchases, Grayscale Investments liquidated its Grayscale bitcoin Trust (GBTC), sold shares and disposed of coins through exchanges.
Recent data from Lookonchain reveals that GBTC shorted 10,872 btc worth over $447 million on January 25. Meanwhile, eight bitcoin ETF spot issuers added 8,744 btc, and BlackRock added 4,284 btc. On January 24, GBTC shorted 13,179 btc with Fidelity Investments, another spot bitcoin ETF issuer, purchasing 4,023 btc.
With btc finding demand, prices began to stabilize, observing the development on the daily chart. The coin remains stable above $39,500, rejecting the intense selling pressure of January 22.
Featured image from Canva, TradingView chart
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