Bitcoin prices dipped by 0.93% in the last day after the premier cryptocurrency suffered another price rejection in the $110,000 range. This latest price pullback forces Bitcoin to maintain a consolidatory movement that has dominated the majority of last month drawing speculations about a potential market top. Interestingly, prominent market analyst Ted Pillows has weighed in on this discourse stating that historical data shows that Bitcoin is yet to achieve a peak price for the current market cycle.
Bitcoin’s Consolidation: A Preparation For Final Bull Leg
In an X post on July 4, Ted Pillows shares a bullish market insight following another Bitcoin price dip. Notably, the premier cryptocurrency seemed on course to resume its market uptrend after a significant price rebound from $99,000 in late June following weeks of downward consolidatory movement. However, another decisive rejection in the $110,000 indicates Bitcoin’s prices remain range-bound thereby worsening investors’ concern across the market. In interpreting this situation, Pillows has called for calm stating the recent price dip is merely a “leverage flush” that requires no panic. Using a visual study on the BTC weekly chart, the renowned analyst shows that the current and previous price pullbacks are part of a predictable pattern that has played out across previous Bitcoin cycles.
The chart shows that after each halving event, Bitcoin tends to peak approximately 18 months (518 days) later. With the most recent halving occurring in mid April 2024, the expected peak for this cycle would fall somewhere around Q4 2025, specifically on October 13, 2025, consistent with historical performance. Furthermore, a recurring 140-day rally window is also depicted in the chart, usually forming the final leg of the bull run. In each previous cycle, this 10-bar stretch delivered parabolic price movements. If history is rhyming once again, Bitcoin is now within range of initiating this 10-week bull run, suggesting the equivalent rally seen in previous could soon kick in.
How High Can Bitcoin Price Go?
Based on Pillows’ recent analysis, Bitcoin may be gathering momentum for its final rally of the present market cycle. The extent of this anticipated uptrend remains unknown; however, the presence of bullish factors most notably the high influx of institutional investment and the US pro-crypto policies supports a range of sky scraping targets. For example, Pillows has previously shared that the popular stock-to-flow model which uses Bitcoin’s scarcity to project long-term price trajectory has predicted a potential price target of $368,925 by 2025 end. If this prediction holds true, Bitcoin investors are eyeing an estimated 242% from current market prices. At press time, Bitcoin continues to trade at $108,299 reflecting a 0.83% gain in the past week.
