Bitcoin has had a great year so far, hitting a 6-figure price, which has made many investors hopeful for a jump toward $140K or even $150K. But a new report from 10x Research suggests the journey to those higher levels might not be so easy.
Instead of climbing further, the report warns that Bitcoin could fall back and retest the $100,000 support zone.
Let’s explore why the road ahead might be tougher than expected.
Over the past five months, 10x Research’s seasonal model has done a good job of predicting Bitcoin’s price movements.
Usually, Bitcoin falls in January after a strong year-end rally. But this year, it rose instead, mainly because of positive political news and investor excitement.
Since March, the model’s forecasts have closely matched what happened in the market. For example, in July, the model predicted a 9.1% rise, and Bitcoin ended up gaining 9.8%. This shows the model is doing a solid job of following Bitcoin’s recent trends.
While price performance still looks good, Bitcoin’s monthly performance tells a different story. Looking at past data,
These negative seasonal patterns cause investors to tread with extra caution and can trigger profit-taking, especially after strong rallies in the first half of the year.
Another challenge comes from institutional investors. Earlier this year, ETF inflows helped push Bitcoin higher. However, the flow of money has now started to slow. In fact, recent weeks have even seen massive outflows.
This cooling interest could make it harder for Bitcoin to build up the momentum needed for another rally.
10x research analysts point out that before any attempt at $140,000, Bitcoin needs to break through a crowded field of resistance levels. Looking at the bitcoin price, Key resistance levels lie around $112,000 and $115,000.
Without strong momentum, Bitcoin might struggle to push through them. If the price slips, support zones around $106,000 to $94,000 could come into play.
As of now, Bitcoin price is trading around $118,306, reflecting a slight drop seen in the last 24 hours, with a market cap hitting $2.35 trillion.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
As someone closely watching the crypto space, it’s hard not to get excited about Hyperliquid’s…
Tom Lee, co-founder of Fundstrat and president of Bitmine, remains bullish on Ethereum despite the…
The Pi Network core team allegedly executed a sell-off of roughly 1.2 million Pi tokens…
Several digital currencies are decent options for investment, notably those offering genuine value, potential for…
T. Rowe Price, one of America’s most established asset management firms overseeing nearly $1.8 trillion…
WazirX has officially reopened with a new Funds page showcasing rebalanced tokens. Both INR and…