Bitcoin on Track for Six-Figure ATH, Analyst Maintains Target

Although the crypto market has been going up and down lately, Bitcoin is aiming for an ambitious target. A well-known expert called CryptoCon continues to maintain that Bitcoin will set new all-time highs by late 2025.

While there is plenty of uncertainty and volatility following Bitcoins record high in March, CryptoCon is still confident that the price will go up a lot over the next few years. This is a good sign for the future of cryptocurrency.

CryptoCons analysis, which he shared on X on August 19, is based on his “November 28th Cycles Theory,” which he 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.

The latest chart from the model aligns August 2024 with the same month from four, eight, and twelve years prior, indicating that Bitcoin is about to enter the most vigorous phase of its bull market.

Based on this forecast, 2024 will serve as a year of preparation, and 2025 will be the year of new all-time highs.

In March 2024, it reached a new all-time high, but this ATH seems to be just the start. CryptoCon says that this was just a warm-up phase and that the main rally will happen in 2025.

The theory hinges on a cyclical pattern observed around November 28th, a date CryptoCon believes will continue to play a pivotal role in Bitcoins price movements.

Navigating the Current Market

Bitcoins current trading environment shows some turbulence. Peter Brandt, a veteran trader, has updated his prediction for the price of Bitcoin. He shared on his X account that both Bitcoin and Ethereum are showing similar technical patterns.

Brandt says that Bitcoin hasnt set a clear direction yet, so traders and investors are waiting to see what will happen next.

He indicates that a decisive shift in Bitcoins long-term trajectory will depend on breaking out of its current range, either above the $74,000 horizontal resistance or another significant level. Brandt dismisses diagonal resistance lines as irrelevant to his analysis, focusing instead on price range dynamics.

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, Bitcoins value continues to hover around $60,000.

Mt. Gox sent another 13,265 #Bitcoin to exchanges this morning, bringing their total holdings to less than 50,000 BTC.

That number was ±140,000 BTC a little over a month ago.

Supply overhang reducing, fast. pic.twitter.com/3ZZC4yZJ7q

— Jelle (@CryptoJelleNL) August 21, 2024

This transfer includes 12,000 BTC moved to a new wallet and 1,265 BTC sent to an internal wallet. Recently, Mt. Gox 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.

Mt. Gox has distributed 61,670 BTC, worth a total of $4.04 billion, to platforms such as Bitstamp, SBI VC Trade, and Kraken since July 5. There are still about 79,186 BTC left, which is $4.67 billion.