Bitcoin Price Targets $300,000 As CME Data Indicates Easing Selling Pressure
Highlights
- Bitcoin to $300,000 is in play following a string of positive on-chain indicators.
- New CME data suggest a thawing of skepticism around the asset.
- BTC price is staging a strong recovery ahead of the FOMC rate announcement.
While talks of the end of the bull run have permeated the cryptoverse, pundits say Bitcoin price can make one last-gasp effort. A late surge could see the asset barrel toward $300,000 with investors scanning the horizon for signs of bullishness.
Bitcoin Price To $300,000 Within Reach
Pseudonymous on-chain analyst Chiefy disclosed on X (formerly Twitter) that Bitcoin price can still rally to $300,000 in this cycle. Chiefy noted that the BTC correction is nearing its end, stoking enthusiasm for a fresh rally for the largest cryptocurrency.
Chiefy’s analysis takes a contrarian stance against theories that the BTC bull run is over, following a recent price correction. He hinges his projections on Bitcoin’s four-year cycles and the key phases that define the cyclical patterns.
For Chiefy, each four-year cycle historically leads to a massive price spike for Bitcoin with the analyst projecting an even bigger all-time high for the asset. In each cycle, Bitcoin will undergo four phases including accumulation, uptrend, distribution, and downtrend phases.
Defending the recent price slump, Chiefy argued that Bitcoin price has faced massive corrections of up to 40% in previous cycles. According to his prediction, the bull run will reach its logical conclusion sometime in 2026.
“Corrections are a natural part of every bull market and play a key role in resetting leverage, shaking out weak hands, and allowing for healthier price growth,” said Chiefy.
CME Data Provides A Ray Of Hope For Bitcoin
Institutional investors appear to be holding their reins with CME’s 90-day Open Interest Delta standing at -$10 billion. While the recent data may support claims of waning institutional interests, 30-day, and 7-day charts are promising for short-term price movement.
Analysts say that even if prices fall to $64K, the bull market remains alive given Bitcoin’s growing dominance. On the other hand, speculation around the Fed ending quantitative easing may trigger a Bitcoin rally in the near future.
Other fundamentals including the Fed’s decision to keep interest rates unchanged may stoke the embers of a Bitcoin price rally. In an upbeat news, BlackRock’s Bitcoin ETF recorded its highest daily inflow in six weeks as several players dip their feet into the murky waters of Bitcoin lending businesses.
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