Bitcoin (BTC) has endured a difficult summer, lagging behind Ethereum’s rally and trading in a narrow range as August closed. But despite the short-term setbacks, optimism in some corners of the market is as strong as ever. Eric Trump, co-founder of “American Bitcoin,” has doubled down on his bold forecast that BTC will eventually reach $1 million, pointing to surging institutional demand and the conviction of long-term holders. Trump doubles down on $1M target Speaking at the Bitcoin Asia 2025 conference in Hong Kong , Trump repeated his call that Bitcoin is destined for $1 million “without question.” He argued that nation-states, Fortune 500 companies, and wealthy families are all aggressively buying Bitcoin, creating a structural squeeze that will support higher prices in the years ahead. “Everybody wants Bitcoin. Everybody is buying Bitcoin,” Trump said, highlighting what he views as accelerating adoption across the global economy. Despite the price already trading well above $100,000, he insisted that investors are still early, since broader retail participation remains limited compared to institutional activity. Trump’s comments come as long-term holders are providing a strong base for the market. On-chain data shows the 6–12-month UTXO band holding above 20% dominance, levels last seen during the 2021 peak. This suggests many investors who bought near previous highs are still holding tight, creating a psychological floor for the market. Market drags into September Even with Trump’s bullish narrative, Bitcoin has been under pressure in recent weeks. Bitcoin lost 7% in August while Ethereum surged 17%, widening the performance gap between the two largest cryptocurrencies. Over the last two months, Bitcoin’s price has barely moved, while Ethereum has soared more than 70%. At press time, Bitcoin traded around $108,800 after failing to hold above $110,000. Technical indicators show weakness, with the daily RSI near 38 and the MACD still in negative territory. Unless buyers step in, Bitcoin could drift toward deeper support zones. Interestingly, historically, September has not been kind to Bitcoin, with average declines of around 3.7% since 2013. However, October has nearly always provided a rebound. The crypto community even calls it “Uptober,” with average gains of 21% recorded across past years, and analysts suggest a similar pattern could play out again in 2025, especially if Federal Reserve policy shifts toward rate cuts later this month. Derivatives markets bullish While spot prices remain in a tight range, activity in derivatives markets is surging. Futures open interest across major venues sits in the mid-$80 billion range, near yearly highs, with CME Group and Binance leading the pack. Options markets are also brimming with activity, with open interest above $50 billion and a notable skew toward calls. Traders are especially focused on higher strike prices, with heavy positioning in the $140,000 to $200,000 range for Q4 expiries. That suggests investors are hedging against downside risks while leaving room to benefit from a major upside move later in the year. Near-term, however, max pain levels sit close to $110,000, reflecting expectations for consolidation before any significant breakout. The post Eric Trump reiterates $1 million Bitcoin prediction as range tightens appeared first on Invezz
