Bitcoin in Late Stage of Bear Market, Could Reach $250,000 in 2-3 Years

Bitcoin has entered the later stages of its bear market and could rise to $200,000 to $250,000 within the next two to three years, Cointelegraph reported on July 11.

Jamie Coutts, chief analyst at Real Vision, said in an interview that Bitcoin has already moved through most of the bear-market cycle. While the downturn has not ended, he said, the cryptocurrency is at least in its final phase.

Bitcoin was trading at about $63,000, roughly 50% below the record high of $126,100 set in October last year, Coutts said. He added that volatility in this cycle has fallen about 50% from prior bear markets, which could limit the extent of further declines.

Coutts also said long-term charts are beginning to show signs that selling pressure is easing. He said that does not mean the bear market is over, but signals are emerging that the pace of the decline is slowing.

On Bitcoin's long-term outlook, Coutts said he is increasingly confident the cryptocurrency could climb to $200,000 to $250,000 over the next two to three years. Beyond that, he said, the outlook is difficult to predict because it will depend on factors including the expansion of money supply.