Outside Source
Bitcoin’s price has been on a wild ride for the past seven days. At the current level of around $60K, buyers and sellers are fighting an obvious battle, and it’s unclear who will emerge victorious.
A popular cryptocurrency analyst chimed in on the uncertainty, believing that Bitcoin is on the verge of a massive cycle.
Bitcoin Bull Run in 2025?
CryptoCon, a well-known technical analyst on X with more than 100,000 followers, has recently shared his thoughts on the current price action and on what’s next for the world’s largest cryptocurrency.
He believes that now is definitely not the right time to exit Bitcoin positions because there will be a bull run in 2025.
Leaving Bitcoin now is leaving before everything gets exciting! The same resistance, and same support on the Puell Multipple cycle after cycle. You’re in the last valley before the highest mountain. The calm before the storm, up that is! – Wrote the analyst.
Based on his analysis of previous cycles, CryptoCon expects a bull run to take place in 2025.
Bitcoin Open Interest Surges
We have yet to see whether there’s a bull run coming in 2025, but Bitcoin’s open interest has exploded throughout the past 24 hours.
Derivatives traders have added more than a billion following the minutes from the FOMC meeting that were released yesterday.
Open interest is not a metric that can be used to predict future price movements, but it’s usually a precursor to incoming volatility.
In the past 24 hours, BTC has managed to reclaim the $60K level, triggering a combined total of $125 million worth of liquidated derivatives positions. Interestingly enough, most of these ($69M) were long traders.
This article first appeared at CryptoPotato
