Bitcoin saw a massive surge following Donald Trump’s victory in November last year.
The rise that began in the last months of 2024 continued in 2025, and BTC reached triple-digit figures.
At this point, BTC reached its new ATH of $123,000 in July but subsequently experienced a decline in bullish momentum.
Evaluating Bitcoin’s recent movements, 10X Research analyst Markus Thielen stated that Bitcoin has entered its weakest period after its impressive rises.
10X Research stated in its latest report that its seasonality model has been consistent with all its predictions so far. Accordingly, this model now signals a bearish trend for BTC. August was Bitcoin’s worst month in the last 12 years, with prices falling in eight of those 12. September was no different, with Bitcoin experiencing an average decline of 4.6% in eight of the last 12 years.
Citing these data, the analyst stated that apart from seasonal weakness, the slowdown in ETF and capital inflows also increases the risk of a decline.
At this point, 10X Research stated that it is more difficult for Bitcoin to reach targets such as $140,000 and $150,000, adding that the price must overcome a crowded resistance level before reaching $140,000.
The report noted that Bitcoin’s key resistance levels are located around $112,000 and $115,000. Without strong momentum, Bitcoin may struggle to break through these levels, according to the analyst. If the price declines, support zones around $106,000 and $94,000 could come into play.
*This is not investment advice.