Bitcoin's drop below $115,000 saw significant liquidations of late longs, but BTC's bullish scenario remained intact, according to analysts and onchain metrics . Despite the dip, a whale bet $23.7 million targeting Bitcoin at $200,000 by year-end, signaling strong bullish conviction .
Analyst Daan Crypto Trades said that the $115,000 range low needed to hold to secure the uptrend . A breakdown from this range should lead to a retest of $113,500 next, which could be a decent level to look out for if that happens .
Swissblock, a digital asset manager, argued that the current pullback is a rotation-led correction rather than a bearish reversal, citing a Bitcoin risk index at zero—a sign of no market overheating .
Various factors can influence Bitcoin's price, such as supply, demand, competition from other cryptocurrencies, regulatory changes, and media coverage . Bitcoin's supply is limited, with a finite number of bitcoins and the final coins projected to be mined in 2140 .
Predictions for Bitcoin in 2025 vary, with some experts forecasting it to reach $145,167 by the end of the year, while others see it going even higher, with Martin Froehler, CEO of Morpher, believing that BTC could close the year at $250,000 .
While the market remains volatile, the general sentiment is that Bitcoin remains in a bullish structure, with key figures like Tom Lee and Michael Saylor calling for a six-figure surge .