CryptoElites leverages a Bitcoin ascending trendline and historical price movement to predict when BTC will hit its peak all-time high for this cycle.
Notably, between June 6 and June 8, Bitcoin saw a steep surge, crossing the $105,000 mark by June 9. The next day, the crypto firstborn peaked above $110,000 before experiencing slight consolidation. This recent price action has led to increased optimism, with an analyst recently suggesting BTC could hit its cycle top of $365K by December.
Key Patterns Suggesting Future ATH
According to a report from the analyst CryptoElites on X, a recurring pattern in Bitcoin’s price action could signal a new ATH. The analyst points to previous ATH levels to highlight an upward trend.
The first notable ATH occurred in December 2017 at $19,600, followed by a significant decline below $3,000. After climbing again in October 2020, Bitcoin hit a peak above $64,000 in April 2021 before reaching the cycle top of $69,000 in November 2021. This rally also faced a retracement to just above $15,000 before beginning its next rise.
These recurring patterns are important because they indicate a long-term upward trend, marked by successive ATHs and retracements to accumulation zones. With Bitcoin’s price now at $107,879, it stands within the context of this established pattern, hinting that the next ATH may exceed previous highs.
Ascending Triangle Pattern
Another bullish development identified by CryptoElites is the ascending triangle, a bullish continuation pattern. This pattern is marked by an upward-sloping lower trendline and a horizontal upper trendline that represents resistance.
Ascending triangles typically signal a breakout in the direction of the prevailing trend—in Bitcoin’s case, upwards. This suggests that once Bitcoin breaks through its current resistance level, the price could rise substantially.
The ascending triangle began to form after Bitcoin’s 2021 ATH and continued with a higher high of $69,000 on November 1, 2021. Following this, Bitcoin retraced to touch the lower trendline at around $15,500, where it held steady. Most recently, Bitcoin reached an ATH above $112,000, but it failed to break the resistance at the upper trendline.
If Bitcoin successfully breaks through this resistance and moves toward the historical ATH rising trendline, the analyst projects the possibility of a new ATH. Such a move could push Bitcoin’s price as high as $365,000 by the end of 2025, representing a 238% surge from its current value of $107,902.
Changes in Bitcoin Holder Categories
Alongside the price action, recent data about Bitcoin’s holder categories adds more context to the current market dynamics. Bitcoin addresses that have held Bitcoin for more than a year (Hodlers) have seen a slight increase of 0.82%. This suggests a growing number of long-term holders, indicative of confidence in Bitcoin’s future potential.
Meanwhile, addresses holding Bitcoin for 1 to 12 months (Cruisers) have declined by 3.31%. On the other hand, Bitcoin addresses that have held for less than a month (Traders) have surged by 3.98%, reflecting an increase in short-term market activity.
Today, Bitcoin is valued at $107,879, reflecting a 1.60% decline over the last 24 hours but a 3.23% increase over the past week.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
