Bitcoin Drops 3.57% in Week, Analyst Predicts $240,000 by October

Coin WorldMonday, Jun 23, 2025 2:39 pm ET
2min read

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

TradingShot, a trader and crypto analyst with a pseudonymous X handle, highlighted several bullish scenarios that could unfold for Bitcoin in the near term. The analyst posits 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. This prediction is based on the observation that Bitcoin has been in a state of consolidation since hitting its all-time high of $111,970 on May 22, 2025. This consolidation phase has triggered anxiety among market players eager to see the bull market cycle resume.

The analyst advises ignoring short-term bear trends and the fear, uncertainty, and doubt (FUD) generated by the continuous selloff and heightened volatility. Instead, he suggests focusing on the long-term picture. The analyst 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 this pattern, bear market trends 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.

A prominent crypto analyst has expressed optimism about Bitcoin's potential to reach $240,000 by October, despite the recent crash that saw its value plummet to $104,000. The analyst noted that Bitcoin has been in a state of consolidation since hitting its all-time high of $111,970 on May 22, 2025. This consolidation phase is seen as a natural part of the cryptocurrency's price cycle, where it stabilizes after a significant surge. The analyst believes that this period of consolidation is setting the stage for a substantial price increase in the coming months.

The analyst's prediction is based on several factors, including the increasing adoption of Bitcoin by institutional investors and the growing acceptance of cryptocurrencies as a legitimate asset class. The recent crash, while significant, is viewed as a temporary setback rather than a long-term trend. The analyst argues that the underlying fundamentals of Bitcoin remain strong, with a limited supply and increasing demand driving its value higher.

The analyst also highlighted the potential impact of regulatory developments on Bitcoin's price. The approval of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bill designed to clarify the use of stablecoins, is seen as a positive development for the cryptocurrency market. This legislation could provide greater clarity and stability for stablecoins, which are often used as a bridge between traditional financial systems and cryptocurrencies. The analyst believes that this regulatory clarity could boost investor confidence in Bitcoin and other cryptocurrencies, leading to increased investment and higher prices.

The analyst's prediction of a $240,000 price target for Bitcoin by October is ambitious, but it is based on a careful analysis of the current market conditions and the underlying fundamentals of the cryptocurrency. While there are always risks and uncertainties in the cryptocurrency market, the analyst's optimism is grounded in a solid understanding of the factors driving Bitcoin's value. As the market continues to evolve, it will be interesting to see whether the analyst's prediction comes to fruition.

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