Bitcoin is ‘increasingly unlikely’ to see prolonged correction, according to 21Shares . A researcher at 21Shares says Bitcoin isn't likely to enter a downtrend anytime soon, with strong fundamentals supporting its current trajectory .
21Shares crypto research strategist Matt Mena said that “the structural imbalance between surging demand and a rapidly vanishing supply base makes a prolonged correction increasingly unlikely,” . Mena added that “there are far more positives than negatives right now,” .
Mena said that the Bitcoin supply held on crypto exchanges and over-the-counter (OTC) desks continues to stay at an all-time low while demand for the cryptocurrency continues to rise . He said that ”on the supply side, the fundamentals remain even more skewed,” .
Bitcoin reached a new all-time high of $122,884 on Monday . Bitfinex said that new buyers entering the Bitcoin market are seen as price-agnostic and are scooping up the cryptocurrency faster than miners can supply it .
Mena said that in the first half of this year, “US-listed Bitcoin ETFs have already absorbed several multiples of the BTC that will be mined this year,” . He added that “that doesn't even include corporate treasury buyers, who continue to add quietly in the background,” .
However, Mena cautioned that a reversal can't be ruled out entirely .
Several analysts believe Bitcoin's rally has much further to run . Bitwise CIO Matt Hougan predicts the cryptocurrency "could end the year closer to $200,000" .
One analyst predicts that BTC could reach $200,000–$300,000 by Christmas 2025 if historical patterns play out . According to pseudonymous analyst apsk32, Bitcoin is now more than two years ahead of its long-term curve .
Veteran trader EliteOptionsTrader believes that Bitcoin could double from current levels and reach $250,000 before the end of 2025 .
According to Standard Chartered, Bitcoin could reach $500,000 by the end of Donald Trump's current term .
Analyst forecasts may prove inaccurate and should not replace independent research .