Bitcoin Dips Below $104,000 Amid Market Selloff, Analyst Predicts $240,000 by 2025

Bitcoin, the leading cryptocurrency, has experienced a tumultuous week, with the market selloff causing significant losses across major assets. The cryptocurrency briefly dipped below the $104,000 mark before making a slight recovery, indicating heightened selling pressure. Despite this volatility, one market participant remains optimistic about Bitcoin's future prospects.

TradingShot, a pseudonymous trader and crypto analyst, has shared his bullish outlook on the cryptocurrency market. He believes that the current bull cycle is likely to persist until the last quarter of the year, with Bitcoin potentially reaching a new all-time high. According to the analyst, Bitcoin has been in a state of consolidation since hitting its peak of $111,970 on May 22, 2025, which has caused anxiety among market players eager for the bull market cycle to begin.

TradingShot advises investors to focus on the long-term picture rather than short-term bear trends and the fear, uncertainty, and doubt (FUD) caused by the continuous selloff and increased volatility. He points to a Bitcoin chart pattern displaying the 1-minute time frame, which shows a symmetrical uptrend observed within each 4-year cycle. According to the chart, bear market trends typically last 12-13 months, while bull markets last 35 months, suggesting that Bitcoin could reach $240,000 in this cycle.

The analyst predicts that the market cycle top will arrive later this year, specifically by October 2025. This prediction aligns with 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 at $102,975, with 7-day gains exceeding 3.57%. However, 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.