The cryptocurrency market is closing the week with most of the leading assets collectively nursing losses following the market selloff recorded earlier in the week. The apex cryptocurrency, Bitcoin, has not been spared in the slightest. 

Notably, the asset briefly fell below the $104,000 price level before making a brief correction, indicating a rise in selling pressure.

However, one market participant has remained bullish for a handful of reasons. Taking to X, the trader and crypto analyst with the pseudonymous X handle TradingShot highlights the many bullish scenarios that could play out for the big bull in the near term.

The analyst first revealed that the current bull cycle is likely to be sustained until the last quarter of the year, at this point, Bitcoin could still skyrocket to a new all-time high.

The analyst observed that Bitcoin has remained in a state of consolidation since hitting its $111,970 all-time high on May 22, 2025, adding that the trend has triggered anxiety amongst market players curious to know when the bull market cycle will arrive.

He suggests ignoring the short-term bear trends and FUD building up due to the continuous selloff and heightened volatility, and instead “sticking to the long-term picture.”

Further strengthening his bullish outlook, he points to the Bitcoin chart pattern displaying the 1-minute time frame, highlighting the symmetrical uptrend observed within each 4-year cycle.

On the chart displayed, bear market trends appear to last 12-13 months, while bull markets last 35 months. The chart pattern highlights the possibility of Bitcoin reaching $240,000 in this cycle.

The analyst, who sees the market cycle top arriving at a later time this year, wrote the following; 

“Based on that, this Cycle’s Top is expected to be priced by October 2025. This also matches the Sine Waves as implied by the 1M RSI, which has been trading within a Channel Down (diminishing returns) since Bitcoin’s inception.”

At the time of this report, Bitcoin is trading for $102,975, with 7-day gains going above 3.57%. Glassnode predicts a continuous decline, particularly a fall to key support zones at $95.5k and $97k, should the bulls fail to make an upward correction in the near-term.

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Filed under: Bitcoin - @ June 23, 2025 6:19 pm