Bitcoin (BTC) has an important new price target for bulls to meet — and it is closer than it seems.

As noted by Philip Swift, co-founder of trading suite Decentrader, $25,000 is now a critical BTC price level.

Bitcoin price rally near "a lot of liquidity"

After putting in 40% gains in January, Bitcoin continues to consolidate around the $23,000.

Opinions are split as to what will happen next — after more than a year of bear market, plenty of market participants expect a dramatic correction and even new multi-year lows of $12,000 or worse.

Others believe that the good times can continue and even see BTC/USD reach $30,000 before checking its relief rally.