Recent analyses suggest that Bitcoin may be just two months away from reaching its market peak. The article explores analysts' opinions and the current market situation.
Historical Cycle Analysis
Crypto analyst Ali highlighted that Bitcoin could be just two months away from reaching its market peak, based on historical cycles. In previous periods, Bitcoin peaked at similar intervals after hitting cycle lows, indicating that the market may be approaching a climactic phase.
Support and Resistance Levels
Michaël van de Poppe offered a more cautious perspective, pointing to the recent rejection at resistance. He suggested Bitcoin needs to establish a higher low between $114,000 and $114,500 to confirm strength. If that level holds, it could indicate that the market is still within a bullish range.
Current Market Situation
At press time, Bitcoin trades at $114,864 with a market capitalization of over $2.28 trillion and daily trading volume exceeding $66 billion. The cryptocurrency is down 1.89% on the day and 2.44% over the past week, showing signs of short-term weakness despite its strong longer-term trend.
Current debates center around whether Bitcoin is forming a temporary consolidation before another rally or if the long-anticipated cycle top is close at hand. A sustained move above $120,000 would likely reignite bullish sentiment, while a breakdown under $114,000 could open the door for deeper corrections.
