Bitcoin Transactions Reach $25 Billion, Analyst Predicts Surge to $130K by 2025
Summary:
On May 28, Bitcoin transactions achieved a record worth of $25 billion, the highest yearly volume in US dollars. Traders use the on-chain transaction value, indicating the collective value on the blockchain, to gauge the Bitcoin market. Over 367,000 BTC were transferred, a high not seen since June 2022 when more than 519,000 BTC were moved at a price of about $26,500, valuing transactions at nearly $14 billion. However, the number of transactions and trading volume presented nothing unusual. Meanwhile, trading analyst Peter Brandt predicts Bitcoin could surge to $130,000 by 2025, based on patterns mirroring past post-halving cycles.
Bitcoin transactions on May 28 reached the figure of $25 billion, setting a record for the largest volume in US dollars in a year's span. The metric called on-chain transaction value, which denotes the combined value of transactions completed on the blockchain, is a tool for traders to understand Bitcoin (BTC) market trends and schemes. Blockchain.com, a Bitcoin explorer, reported approximately 367,000 BTC were transferred on the blockchain on May 28, an amount not seen since June 13, 2022, when more than 519,000 BTC were mobilized. At that juncture, Bitcoin's price was approximately $26,500, leading to a transaction value close to $14 billion.
Despite the fewer number of Bitcoins transacted on May 28 compared to the previous year, their price hovered around $69,374.17, giving an aggregate worth of about $25.5 billion to the transactions. Even so, the count of transactions on May 28 was fairly typical as per the Bitcoin transaction tracker Y Charts that documented around 596,790 transactions that day. By comparison, May 26 and May 29 reported over 850,000 and 700,000 operations, respectively. As suggested by Blockchain.com, Bitcoin's trading volume as of May 28 showed no extraordinary changes, registering a $200 million volume for all Bitcoin transactions on cryptocurrency exchanges.
In parallel, renowned trading analyst Peter Brandt predicted the potential rise of Bitcoin to $130,000 by 2025. On June 2, Brandt opined that Bitcoin's bull run mirrors past post-halving cycles. If the crypto asset follows the same path as previous bull runs, he anticipates a rise to about $130,000 to $150,000 by either August or September next year. Brandt expounded that the date of Bitcoin's halving has historically been almost the midpoint of bull markets' initiations and peak phases. As per his analysis, the precedential bull market ensued 16 months before the 2020 halving and culminated 18 months later.
Published At
6/3/2024 12:22:39 PM
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