Bitcoin is moving toward new heights, reaching a price of $109,130, but analysts express concerns about its potential for further rallying in the current cycle.
Long-Term Uptrend Channel for Bitcoin
Since bottoming out in November 2022, Bitcoin has been trading within an ascending channel mirroring a Fibonacci trendline dating back to 2013. Analyst TradingShot noted that historically, Bitcoin initiated powerful rallies every time it broke above the 'Buy Zone' in this structure. In the 2017 and 2021 cycles, such breakouts triggered parabolic rallies. However, a similar move has not been seen during this cycle, raising concerns about the timing for such an advance.
Potential Peak in October
Crypto analyst Rekt Capital echoed a similar sentiment, noting that if history repeats, the current bull market may only have a few more months of upward momentum. He projects that the market peak could occur around October 2025, roughly 550 days after the recent halving in April. 'That's already two to three months potentially that we have left in this bull market,' he added.
Traders Remain Optimistic Despite Resistance
Despite Bitcoin's struggles to breach the $110,000 level, several traders remain confident that further gains are possible. TradingShot pointed out that BTC has turned the top of a former bull flag into a new support zone. 'This is a strong bullish signal along with the price holding above the 50-day simple moving average.' Other traders agreed that clearing $110,000 could likely set up a path to $130,000.
Despite the potentially limited time for another rally in this cycle, the combination of solid technical foundations and persistent market demand suggests that Bitcoin may still have one more surge left before the cycle concludes.
