Bitcoin Price Hits $97K, What Next $100K or $95K?

Bitcoin is on the verge of hitting a historic milestone—$100,000 per coin. Bitcoin soared to a new all-time high (ATH) of $99,588 last week but soon faced a 7% correction, dropping to $90,791 on Tuesday. By Wednesday, the cryptocurrency began to recover, and as of Friday, it is steadily climbing, currently trading around $97,000.

This political backing could act as a major catalyst, pushing Bitcoin past the $100,000 mark. The bullish momentum has been further fueled by the confirmation of Gary Gensler’s exit in January 2025, with Bitcoin recently touching $99,000.

Bitcoin’s Miner Activity: A Key Indicator

Bitcoin miners often provide insights into market trends. The Puel Multiple, which measures miner profitability, is an essential metric to track. It compares the daily mined Bitcoin to the average amount mined over the past year. A high Puel Multiple suggests miners may sell, increasing market supply, while a low Puel Multiple indicates miners are less likely to sell, signaling potential market stability.

Currently, the Puel Multiple is in a mid-range position. This indicates that buying Bitcoin now resembles purchasing during past market highs, such as in the 2017 bull run. However, it also suggests the bull run isn’t over, potentially leaving room for Bitcoin to climb well beyond $100K.

Technical Overview: Where Are We in the Cycle?

The MVRV Z-Score, which compares Bitcoin’s market value to its realized value (the average price at which Bitcoin was last traded), provides additional insight. If the market value is significantly higher than the realized value, Bitcoin might be overvalued. Conversely, a lower market value presents a buying opportunity.

Currently, Bitcoin’s position on this indicator shows we are in the middle of the cycle. Historical patterns indicate a potential market peak around March or April 2025. However, some experts believe the bullish cycle could extend into late 2025, similar to 2021’s bull market peak.

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What’s Next for Bitcoin?

At press time trading above the $94K-$95K range, a confirmed breakout above $97K could set the stage for a price target near $104K. However, resistance between $97.5K and $98.12K may pose a challenge in the near term.

With strong support around $91K-$92K, Bitcoin’s price action indicates a mix of consolidation and bullish potential, keeping investors closely watching for a decisive move past the $100K resistance.

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