"Projections predict that the next market top might fall around October 2025 if Bitcoin follows the pattern of previous bull runs from their respective market bottoms, which occurred in 2015-2018 and 2018-2022 with regard to Bitcoin.
This suggests that Bitcoin still has another 600 days of positive momentum ahead of it!
A trader has expressed concern that Bitcoin may have headwinds in the near future as a result of the cost basis of those who have owned Bitcoin for less than 155 days.
In the event that the price of Bitcoin goes below $38,130, those that retain Bitcoin for a short period of time may find themselves in cash. A fresh wave of panic selling might be triggered by this probable drop in Bitcoin prices, as holders will want to limit their losses because of this.
Since the positive momentum of Bitcoin began to build up in the previous year, the trader thinks that the price of Bitcoin is now experiencing its sixth substantial market correction. Following the completion of the current correction, he forecasts that Bitcoin will once again continue on its general upward trajectory.
In the course of this bull market, Bitcoin has gone through four significant corrections: a drop of 12% over a period of 12 days, a fall of 22.6% over a period of 15 days, and two dips of nearly 21% each spanning around 60 days.
Bitcoin is now experiencing a correction of 21%, which has been going on for a total of twelve days. This is an interesting development. Invest in the downturn.
If Bitcoin is unable to maintain its support at $38,000, the trader warns that the cryptocurrency might correct down to the $33,000 level.
If the weekly chart closes below $38,000, it may indicate that Bitcoin is about to enter a downward trend, with the strong support cluster located around $33,000 as the objective.
There are multiple technical factors that come together in this crucial region, including the bottom border of a parallel channel, the 0.5 Fibonacci retracement level, and the simple moving average (SMA) over the last 50 weeks. These elements, when taken collectively, provide a substantial line of defense that has the ability to prevent any further drops in the price of bitcoin.
