Bitcoin price has been in a crazy situation for the past seven days. At the current level of around $60,000, buyers and sellers are fighting an obvious battle, and it is not clear who will emerge victorious.
A popular cryptocurrency analyst has weighed in on the uncertainty, saying that Bitcoin is on the verge of a massive cycle.
Will Bitcoin see a bull run in 2025?
CryptoCon, a well-known technical analyst on X with over 100,000 followers, recently shared his thoughts on the current price action and what comes next for the world’s largest cryptocurrency.
He believes that now is definitely not the right time to exit positions in Bitcoin because there will be an uptrend in 2025.
Leaving Bitcoin now is leaving before everything gets exciting! Same resistance and same support at the Puell Multiplier cycle after cycle. You are in the last valley before the highest mountain. The calm before the storm, up there that is! – wrote the analyst.
Based on its analysis of previous cycles, CryptoCon expects an uptrend to occur in 2025.
Bitcoin open interest increases
We have yet to see if there will be a bull run in 2025, but Bitcoin Open Interest has exploded in the last 24 hours.
Derivatives traders have added more than $1 billion following the release of the FOMC meeting minutes yesterday.
Open interest is not a metric that can be used to predict future price movements, but it is often a precursor to incoming volatility.
In the last 24 hours, BTC has managed to recover The $60K level, which triggered a combined total of $125 million in liquidated derivative positions. Interestingly, the majority of these ($69 million) were long-term traders.
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