Bitcoin price to hit $275,000, top crypto expert predicts

Bitcoin, the largest cryptocurrency, was valued at $98,900 on December 11, which is below its highest price of about $104,000.

Experts in cryptocurrency think that Bitcoin could rise further as demand increases and supply decreases. A recent article in the Wall Street Journal highlighted that the limited supply of Bitcoin is a main reason for its expected value rise.

Bitcoin has a maximum supply of 21 million coins, with more than 19.7 million already mined, leaving only 1.3 million still to be produced. Many coins have been lost and are unlikely to be recovered.

Moreover, large amounts of Bitcoin are owned by companies like MicroStrategy and Marathon Digital that do not plan to sell.

The quantity of Bitcoin available on exchanges has dropped to about 2.24 million, down from 2.7 million in January. At the same time, Bitcoin's mining difficulty has increased since the last halving event.

On the demand side, interest in Bitcoin is growing, as shown by inflows into exchange-traded funds (ETFs). These inflows have surpassed $34 billion, exceeding analysts' expectations. Currently, these ETFs manage assets worth over $107 billion.

Analysts are generally positive about Bitcoin's price in the future. Cryptocurrency analyst Ali Martinez suggested in a post that Bitcoin could eventually reach $275,000, representing a 177% increase from current prices.

Other analysts share this optimism. Bitwise analysts forecast that Bitcoin could hit $200,000 by 2025 due to rising ETF inflows, and they believe it may exceed gold’s $18 trillion market cap by 2029.

The weekly chart indicates that Bitcoin has experienced a strong upward trend in recent weeks. It has recently moved past a key resistance level at $69,210, a crucial point in a cup and handle pattern.

Bitcoin's price has stayed above its 50-week and 200-week Exponential Moving Averages, creating a golden cross in April 2023. Additionally, the Average Directional Index shows rising momentum.

As a result, it’s likely that Bitcoin will keep increasing as buyers aim for the crucial resistance level at $122,258.

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