Bitcoin News Today: Bitcoin Gains 9% Weekly Amid Altcoin Surge, Analysts Predict Further Growth

Bitcoin's price has been experiencing a cooling period on short-term charts, while altcoin markets have taken the opportunity to trend higher. The leading cryptocurrency has faced challenges as major holders take profits at current levels. At the time of writing, Bitcoin is trading around $118,800, with a 2% gain over the last 24 hours and a 9% gain over the past week. In contrast, Ethereum, XRP, and Dogecoin have seen gains exceeding 16% over similar timeframes.

Following a significant upward push from below $100,000, Bitcoin's price broke a persistent downtrend and reached a fresh all-time high close to its current levels. A report from an on-chain analytics firm indicated an increase in profit-taking from short-term holders, who exited the market, taking over $3.5 billion in profits in just 24 hours. This caused Bitcoin's price to lose momentum and move sideways. Despite the violent bull run, there are concerns about a major pullback from the $118,000 area to the support zone around $110,000.

However, a report from CryptoQuant, with data from top analyst Crypto Dan, suggests that the Bitcoin bull run still has room for another leg up. The current BTC market is nowhere near the overheated levels recorded in March and December of 2024. The CryptoQuant post stated that, unlike in March and December 2024, on-chain data indicating market overheating shows that the market still hasn’t reached an overheated state. Despite the price rising even higher, the fact that overheating has significantly decreased compared to previous short-term peaks suggests that Bitcoin could continue to break all-time highs and rise significantly in the second half of 2025, leaving strong potential for growth.

In this context, if bulls can sustain the momentum, Bitcoin is likely heading higher. A prediction from a top analyst claims that the levels of BTC adoption are unprecedented. The analyst stated that the ‘real Bitcoin move’ is only about to begin, expressing a high degree of confidence that Bitcoin will reach $400,000 by the end of this year, with this target potentially being too conservative.