Bitcoin prices fell by 0.93% on the last day after the first cryptocurrency suffered another price rejection in the Range of $ 110,000. This last decline in prices obliges Bitcoin to maintain a consolidatory movement which dominated the majority of speculation of last month on a summit of the potential market. Interestingly, the eminent market analyst Ted Oreil has weighed on this discourse indicating that historical data show that Bitcoin has not yet reached a cutting -edge price for the current market cycle.
Bitcoin consolidation: a preparation for the final bull’s leg
In a X post On July 4, Ted Orews shared an overview of the Haussier market after another drop in the price of bitcoin. In particular, the first cryptocurrency seemed in the process of resuming its upward trend in the market after a large price rebound of $ 99,000 at the end of June following weeks of consolidatory downward movement. However, another decisive rejection in the $ 110,000 indicates that Bitcoin prices remain linked to the beach, thus aggravating the concern of investors across the market. In the interpretation of this situation, the pillows called for calm indicating that the recent drop in prices is only a “lever effect” which requires no panic. Using a visual study on the weekly BTC graphic, the renowned analyst shows that current and previous price withdrawals are part of a predictable model that has been played through the previous bitcoin cycles.
The graph shows that after each reduction event in half, Bitcoin tends to culminate around 18 months (518 days) later. With the most recent reduction in half occurring in mid-April 2024, the expected peak of this cycle would be somewhere towards the fourth quarter 2025, specifically on October 13, 2025, in accordance with historical performance. In addition, a 140 -day recurrent rally window is also represented in the graph, generally forming the last stage of the bull race. In each previous cycle, this 10 -bar section gave parabolic price movements. If the story rhymes once again, Bitcoin is now within reach of the initiation of this 10 -week bull race, suggesting that the equivalent rally seen in the previous one could soon come into play.
At what height can the price of Bitcoin go?
Based on the recent pillows analysis, Bitcoin could take momentum for its latest rally in the current market cycle. The extent of this planned trend is unknown; However, the presence of bullish factors, in particular the Fort influx of institutional investment and pro-Crypto policies in the United States support a range of ski scraper targets. For example, Oreads has previously Shared that the popular stock -on -flow model that uses Bitcoin rarity to project long -term price trajectory predicted a potential price target of $ 368,925 by 2025. If this prediction is true, Bitcoin investors envisage approximately 242% compared to current market prices. At the time of the press, Bitcoin continues to be negotiated at $ 108,299 reflecting a gain of 0.83% last week.
