Bitcoin's price dropped to $105,235 today, declining 1.5% in the past 24 hours and 4.2% in the last week, with analysts predicting a potential major move.
Historical patterns point to a possible rebound, with analyst 'Mister Crypto' forecasting a potential breakout in 2025 that could push Bitcoin to $900,000, based on previous rounded-bottom formations and ascending triangles seen in past rallies.
Analysts suggest that Bitcoin is currently in a re-accumulation phase, similar to previous cycles, with a potential rise to the $270,000-$350,000 range before a parabolic spike.
On-chain data indicates that long-term holders are accumulating more Bitcoin, tightening supply and potentially leading to sharp moves once demand increases, despite recent market uncertainties.