Bitcoin Price Prediction: Analyst Says BTC Headed For $111K As This Spot Bitcoin ETF Play Bursts Past $500K In Presale

Updated: 14 November 2023

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The Bitcoin price saw a 2% dip in the last 24 hours, trading at $36,260 as of 11:20 am EST

Bitcoin Price: Technical Analysis

It was rejected from a resistance at $37.3k. Since the drop, the price has slightly recovered, only to hit another resistance as it attempted to surge back up.

Bitcoin has seen another massive increase in the last seven days, going from $34.8k to a new yearly high of $37,888 late last week. The surge was relatively rapid, although it came in three separate waves.

The first one was on November 7, which allowed Bitcoin to finally break a resistance at $35,000, which kept it from moving forward for some time.

BTC then encountered its next resistance at $37k on November 9, but it managed to move beyond it later on the same day and reach its yearly high.

After that, the price corrected to $36k, only to bounce back to $37.2k. This level has been a strong resistance, and BTC has been trying to surpass it since November 10.

Over the weekend, the coin was trading sideways, but on Monday, it saw a dip that took it back to $36,240.

From there, it managed to bounce back up to $36.8k, only to start another drop, which took it to its current price of $36,553, where it sits at the time of writing. However, its trading volume in the last 24 hours is still 40% higher than yesterday, indicating strong market activity.

Where Is Bitcoin Price Going From Here?

Despite the recent dip in the last 24 hours, Bitcoin has seen bullish, solid activity in the past week.

This has prompted some respected analysts and experts to provide new predictions. Among them is Benjamin Cowen, a closely followed analyst who offered his predictions for Bitcoin in late 2025.

Based on historical market cycle patterns, Cowen expects the BTC price to hit $111,000 by the end of 2025, which is also when he expects a new crypto winter.

Cowen’s prediction relies on logarithmic regression bands that are designed to deduce potential tops and bottoms of market cycles based on diminishing volatility.

He noticed that each market cycle top was two and a half logarithmic regression bands under the previous one. Currently, two and a half rounds below the former high of $69k are $45k.

However, since the band goes up with time, BTC is expected to reach around $100k to $111k, he said.

Bitcoin ETF Presale Raises Over Half A Million

The world is still waiting for the US Securities and Exchange Commission to decide on multiple Bitcoin spot ETF proposals. Still, many are sure the regulator will finally give the green light to one or various proposals

To show their support and faith, investors have started buying Bitcoin ETF (BTCETF), a new token that aims to reward its holders once Bitcoin ETFs get approved.

So far, the token’s presale has been a storming success, raising over $564k while selling its token for $0.0052 per unit.

https://www.youtube.com/watch?v=hsO9HNneaDg

The BTCETF token can be purchased via credit/debit card or in exchange for ETH or USDT.

While the battle for Bitcoin spot ETFs has been going on for an entire decade now, the fact that so many people are buying BTCETF shows that they believe that approval is close.

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