news 
What’s Next for Bitcoin? On-Chain Data Signals What’s Coming
Bitcoin’s recent surge has left many investors and analysts alike wondering what the future holds for the cryptocurrency. In a significant milestone, data from 24 bitcoin miners revealed that their collective revenue hit $71 billion in November, surpassing previous records.
According to Tomiwabold Olajide, a prominent cryptocurrency analyst, this new data presents an opportunity for Bitcoin to potentially reach and exceed $200,000 by 2025. This prediction aligns with the sentiments expressed by other reputable sources like Fundstrat’s Tom Lee, who forecasted a “upside” of $250,000 in the same year.
This surge in revenue is directly correlated to increased mining activities, as well as growing institutional interest and investment. The on-chain data reveals that these 24 miners are responsible for around 15% of all Bitcoin transactions globally.
Bitcoin’s recent price action has been driven by a combination of factors, including expectations of an interest rate drop by the Federal Reserve at its December meeting. The November CPI report came in as expected, with a rise of 0.3% from October and 2.7% from last year.
The $100,000 level seems to be the new normal for Bitcoin, with many analysts expecting a chop around this price until further developments materialize. While there is a possibility that it might double by the end of next year, the data provided by these miners offers a compelling narrative for the asset’s potential growth trajectory.
As we look into 2025 and beyond, we can expect Bitcoin to continue its upward momentum driven by increased institutional adoption, growing mining activities, and other market forces.
Source: u.today
