Analysts Divided on Future Predictions
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The leading cryptocurrency, Bitcoin (BTC), has pulled back below the $109,000 level on Monday after recently hitting an all-time high (ATH) of $111,800 last week. As the crypto market reacts to these changes, analysts are divided on the future price direction of BTC.
Bitcoin May Reach a New ATH of $113,000 This Week
Market expert Doctor Profit recently shared his optimistic outlook on social media platform X (formerly Twitter), noting the recent formation of a “Golden Cross,” a technical signal that has traditionally been associated with substantial price jumps.
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With an 87.8% accuracy rate on longer time frames, the Golden Cross has appeared only twice in the last two years and has now made a comeback. Doctor Profit stressed its infrequency, remarking, “This is a rare and potent signal that warrants significant attention.”
The analyst pointed out that previous instances of the Golden Cross led to impressive price rallies: in October 2023, Bitcoin soared from $27,000 to $73,000, an increase of 170%, and in October 2024, it climbed from $63,000 to $109,000, a rise of 73%.
Currently, he expects Bitcoin’s price could achieve a new high of $113,000 this week, highlighting strong liquidity in that range and significant market momentum.
Possible Bull Trap for BTC
Furthermore, Doctor Profit noted the substantial inflows into Bitcoin exchange-traded funds (ETFs), which are vastly outpacing the volume of Bitcoin being mined.
He also mentioned Strategy’s (formerly MicroStrategy) ongoing Bitcoin accumulation, with a new acquisition made on Monday by the firm, suggesting this trend may be tightening supply and paving the way for further price increases.
On the other hand, analyst Cameron Fous expressed a more cautious perspective on X, indicating that the current Bitcoin price might mark the apex of the 2025 bull run.
He referred to price trends from past bull markets, suggesting that Bitcoin’s recent activity could be indicative of a “bull trap,” where prices decline sharply after hitting a peak.
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Fous suggested that signs of a potential downturn could be emerging, particularly if Bitcoin drops below the 50-day moving average (MA). Although he remains cautious, he acknowledged the possibility of Bitcoin rising to between $130,000 and $200,000 in the near term.
He emphasized that while the market has a bullish sentiment, leading indicators often precede reversals and warned that historical trends should inform current strategies, as market conditions can change swiftly.
At the time of writing, Bitcoin is priced at approximately $108,739, reflecting a slight 0.6% decline within a 24-hour period. Overall, BTC has retraced just over 3% from its peak attained last week.
Featured image from DALL-E, chart from TradingView.com
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