Bitcoin (BTC) took a hit on Thursday, dropping below $118,000 as selling pressure ramped up. As of writing, Bitcoin is trading at 117,368, down 1% in the past 24 hours, according to coinmarketcap. This decline came on the heels of U.S. inflation data that was hotter than expected, shaking investor confidence and sparking a risk-off mood in the market.
Consequently, over $1 billion in leveraged positions were liquidated in 24 hours. More than 218,000 traders faced losses as BTC plunged from $122,000 to an intraday low near $117,000.
Besides macroeconomic pressure, analysts shared sharply different forecasts for Bitcoin’s next move on X. Veteran trader Peter Brandt warned there is a 30% chance the current bull cycle has already peaked.
He projects a possible drop to $60,000–$70,000 by November 2026 before a surge toward $500,000. Brandt’s views came in contradiction to crypto analyst Colin Talks Crypto outlined a more bullish timeline based on cycle length patterns.
Cycle Lengthening Could Push Peak to Late 2025
Colin’s model tracks Bitcoin’s historical cycles since 2012, showing each one lasts about four months longer than the previous.
The first cycle lasted 24 months, the second 28, the third 33, and the current could stretch to 37 months from its November 2022 low. Hence, this pattern points to a possible peak on December 22, 2025, with Bitcoin reaching around $200,000.
Furthermore, his chart shows that spikes are almost always preceded by halving events, pointing out occurrences unique to each cycle. The present cycle, it seems, is heading down a similar path with a slow price increase anticipated through to 2025, before entering into a correction.
Analyst Projects Bitcoin’s Range for the Next Week
In the meantime, cryptocurrency expert Daan Crypto Trades on his X claims that Bitcoin “loves to hover around” in the narrow area of $117,000 to $119,000.
After a $112,000 support test, the cryptocurrency recovered 5%, gaining strength at a high-volume node and the 4-hour 200MA. Moreover, the 200-period EMA supports this bounce, hinting at renewed bullish momentum.
Bitcoin may continue to be down in this range for weeks to come before a more dramatic move occurs. However, this calm midpoint is the time at which altcoin traders can capitalize while Bitcoin consolidates under the present market cycle.
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