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

Bitcoin is entering the later stage of its bear market and could climb to between $200,000 and $250,000 within the next two to three years.

Jamie Coutts, chief analyst at Real Vision, told Cointelegraph in an interview published July 11 that Bitcoin has moved through most of its bear-market phase. The downturn is not over, but it has at least entered its later stage, he said.

Bitcoin is trading at about $63,000, down roughly 50% from its all-time high of $126,100 reached in October last year. Volatility in this cycle has also fallen by about 50% from previous bear markets, Coutts said, suggesting the downside may be more limited than in the past.

Longer-term charts are also showing signs that selling pressure is easing. While it is still difficult to say the bear market has ended, there are signals that the pace of declines is slowing, he added.

Coutts put Bitcoin's longer-term upside at as much as $250,000. He said he is increasingly confident Bitcoin could rise to between $200,000 and $250,000 within the next two to three years. Beyond that, the outlook is harder to predict because it will depend on factors including the expansion of money supply.