Bitcoin Approaches Structural Ceiling, Analyst Warns Of Power Law Resistance

Bitcoin's price rally faces potential resistance from the long-term Power Law model, a key indicator for long-term price behavior. This model, using logarithmic scales, has historically mapped Bitcoin's price movements effectively. To sustain the bull run, Bitcoin needs to decisively break above the $122,000 level, the current ceiling on the model. The model's creator suggests Bitcoin is unlikely to fall below $108,000 by 2033, based on its historical trend. Another analyst predicts Bitcoin's market peak is roughly six months away, noting surprisingly low market sentiment. He believes retail excitement is still building, implying further price increases before the market top. Technical indicators remain bullish, with the market not yet overextended. The global M2 money supply and S&P 500 reaching new highs contribute to a positive market outlook. Institutional adoption of Bitcoin by governments and corporations is still in its early stages. The analyst suggests substantial hype around institutional adoption is yet to occur before the market reaches its peak.