Despite recent fluctuations in the crypto market, analyst CryptoCon maintains that Bitcoin will reach new record highs by late 2025.
CryptoCon's Cycle Theory
CryptoCon's analysis, shared on X on August 19, is based on his 'November 28th Cycles Theory,' originally discussed in January 2023. This theory suggests that Bitcoin will see its next significant price peak around late 2025, specifically targeting a six-figure valuation. According to CryptoCon, this aligns with historical patterns where Bitcoin has reached new highs in the years following previous market cycles.
Current Market Situation
Bitcoin's current trading environment shows some turbulence. Veteran trader Peter Brandt updated his prediction for the price of Bitcoin, sharing it on his X account. He states that both Bitcoin and Ethereum are showing similar technical patterns. Brandt says that Bitcoin hasn't set a clear direction yet, with traders and investors waiting to see what happens next. He indicates that a decisive shift in Bitcoin's long-term trajectory will depend on breaking out of its current range, either above the $74,000 horizontal resistance or another significant level.
Bitcoin Holds Steady Despite Transfers
Despite recent major shifts caused by the now-defunct Mt. Gox exchange, which moved 13,265 BTC worth about $782 million, Bitcoin's value continues to hover around $60,000. Mt. Gox sent 12,000 BTC to a new wallet and 1,265 BTC to an internal wallet. Recently, the exchange shifted 1,265 BTC, valued at $75 million to Bitstamp to aid in repaying creditors. On August 14, the exchange moved 33,140 BTC worth nearly $1.97 billion into new wallets, with only 111.3 BTC sent to major exchanges OKX and Binance. Since July 5, Mt. Gox has distributed 61,670 BTC worth a total of $4.04 billion to platforms such as Bitstamp, SBI VC Trade, and Kraken, leaving about 79,186 BTC valued at $4.67 billion remaining.
Despite the current market turbulence, analysts remain confident in Bitcoin's potential to reach new heights by 2025.
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