Bitcoin Price Analysis: BTC Holds Steady Above $111,000

Bitcoin (BTC) held its position above $111,000 as its latest breakout takes a breather over the ￰0￱ flagship cryptocurrency has gained considerable ground since Thursday, reclaiming key levels and moving to its current position. Meanwhile, spot Bitcoin ETFs recorded $446 million in net inflows this week, bringing the total to $61.98 billion in net inflows and $149.96 billion in net ￰1￱ Disagree With Michael Saylor and Tom Lee’s Bitcoin Predictions Bitcoin’s growing mainstream appeal has prompted supporters to make bold, almost audacious price predictions. However, analysts disagree with such ￰2￱ Chairman Tom Lee predicted that Bitcoin could reach anywhere between $1.6 million - $2 million if it catches up to gold’s market capitalization.

“Well, gold is moose first and then Bitcoin catches up.” Lee added that as gold’s “network value” increases, it creates a higher benchmark for digital store-of-value assets like ￰3￱ has rallied over 115% over the past two years, reaching an all-time high of $4,381 per ounce in October. Meanwhile, Strategy Chairman Michael Saylor made an even bolder prediction, stating that Bitcoin will reach $21 million per coin within 21 ￰4￱ believes that Bitcoin’s limited supply and growing institutional adoption could lead to exponential gains. Saylor’s Strategy is the largest corporate holder of Bitcoin , with 640,418 ￰5￱ added, “If institutions decide to increase their crypto allocation even slightly, the impact on price could be enormous.” Jim Cramer, a long-time market commentator, is also bullish on ￰6￱ stated in a post on X, “Crypto due for a push ￰7￱ are in 2000 territory on specs… We MUST focus on this before people really get hurt.

TRIM.” However, not everyone is convinced by the outlandish ￰8￱ Valdrin Tahiri disagreed with such predictions and singled out Lee, arguing that his projection assumes a radical reshaping of global financial markets. “If Bitcoin ever reached $2 million, its market cap would soar to about $42 trillion, nearly twice the total value of all the world’s gold, which is around $20–25 trillion.” Tahiri called such predictions “far-fetched” unless there is a massive currency debasement or a global move away from traditional ￰9￱ (BTC) Price Analysis Bitcoin (BTC) has steadied itself above $111,000 over the weekend as its rally took a ￰10￱ flagship cryptocurrency has traded in positive territory since Thursday and reclaimed the $111,000 mark, briefly crossing $112,000 before settling at $111,667.

The price is marginally down during the ongoing session, trading around $111,613. October’s market crash and the subsequent decline in prices have shaken investor confidence, raising doubts about the sustainability of Bitcoin’s bull run. However, some analysts believe the flagship cryptocurrency’s true bull run is yet to ￰11￱ on-chain analyst Arch Physicist highlighted the Value Coin-Days Destroyed (VCDD) to Spent Output Profit Ratio (SOPR) ￰12￱ metric measures the number of coins moved on the blockchain in relation to the potential profits based on their ￰13￱ Physicist noted, “Gamma + Epsilon’ is used to determine structural highs formed due to Long-Term Holder (LTH) profit-taking, with its current value being around $147,937; ‘Delta + Epsilon’ represents support formed by Short-Term Holder (STH) entry opportunities, currently valued at approximately $92,902.

Epsilon, on its part, is used to represent potential price floors.” The analyst explained that the metric’s functions are in tandem with Bitcoin’s historical price action. “Bitcoin’s price has broken above the structural high (Gamma + Epsilon) and reached ATHs near Beta during bull ￰14￱ has also historically made ATLs very close to Epsilon.” BTC rose nearly 4% on Sunday to reclaim $115,000 and settle at $115,067. The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274. Selling pressure returned on Tuesday as BTC fell to an intraday low of $109,945.

It recovered from this level to reclaim $113,000 and settle at $113,068, ultimately dropping 1.91%. Sellers retained control on Wednesday as the price fell 2% to $110,804. Bearish sentiment persisted on Thursday as BTC fell below $110,000 and settled at $108,198. BTC plunged to $103,516 on Friday as selling pressure intensified.

However, it recovered from this level to settle at $106,463, ultimately dropping 1.60%.