Bitcoin Rises 1.50% After Trump Airstrike Announcement

Bitcoin (BTC) has seen a modest increase in value following the announcement by former US President Donald Trump of a successful airstrike on Iranian nuclear facilities. This move was aimed at de-escalating tensions in the Middle East, which had been escalating due to recent conflicts between Iran and Israel. Despite this short-term price reaction, Bitcoin remains in a corrective phase, struggling to surpass the $110,000 resistance level over the past month. Market sentiment has been influenced by both global uncertainty and technical stagnation.

Amid this backdrop, a crypto analyst with the pseudonym On-Chain College has highlighted two prospective price targets for Bitcoin based on on-chain data. The analyst used the Mayer Multiple, an on-chain metric that measures the relationship between Bitcoin’s price and its 200-day moving average (200DMA). This metric helps determine whether Bitcoin is overvalued, undervalued, or fairly valued based on historical price behavior. Since the bull market began in the fourth quarter of 2024, Bitcoin has consistently moved between the 1.0x band, representing the 200DMA, and the 1.5x band, indicating the mid-price range zone.

The Mayer Multiple chart suggests that Bitcoin has only ever reached a cycle price peak after hitting the 2.5x band. This implies that there is still room for price growth in the current bull market. The immediate price targets for Bitcoin are $96,000 (1.0x) or $144,000 (1.5x). There is significant potential for Bitcoin to surge towards $144,000, aligning with its defined-range bound movement. However, there is also a possibility of a return to $96,000, which could help flush out weak hands before a full-scale bullish price reversal.

At the time of writing, Bitcoin is valued at $102,700 following a 1.50% decline in the last 24 hours. The cryptocurrency has also reported losses of 2.94% and 8.08% on the weekly and monthly charts, respectively. The general market sentiment remains neutral, with analysts foreseeing an impending price breakout. According to the analyst's forecast, Bitcoin could reach $136,472 within the next five days, a level that may represent or come close to the cycle market top. Long-term forecasts include $138,379 in three months and $116,115 in six months.

Semilore Faleti, a staunch advocate for the adoption of cryptocurrency, believes that digital assets can improve the digitalization and transparency of existing financial systems. With two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space, including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations, and network upgrades. His educational articles have been particularly valuable for individuals new to the crypto space, offering insightful explanations that demystify the world of digital currencies. Semilore's work ensures that his current reporting remains accessible, accurate, and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments, and whale activity. He also covers the latest token analysis and price predictions by top market experts, providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field, informing and educating his audience on the latest trends and developments in the rapidly evolving world of digital assets.