A prominent analyst notes Bitcoin retesting a key long-term trendline, signaling a possible continuation of the uptrend or downward pull to lower levels.
In a post on X, crypto analyst Michael noted that Bitcoin is retesting this 8-year trendline after reaching a new all-time high above $123,000. Bitcoin has since declined from this high, currently trading at $114,335, a 0.7% decline in the past day, following a 4.1% drop in the past week.
The chart shared by Michael identifies the trendline as a key structure that has historically influenced Bitcoin’s market cycles. A sustained retest above the line could confirm a bullish move, while failure may lead to a correction.
The current chart shows a similar structure. Bitcoin broke above the trendline as it surged to a new all-time high above $123,000 but has since pulled back to retest the level. The immediate level to watch is $114,000 to $115,000, where Bitcoin is now trading.
If Bitcoin holds this level and closes above the multi-year trendline again, it could trigger more upside. However, a drop below may resemble the failed breakout seen in 2022.
Bitcoin to $150-$200k Bearish Moves Next?
Similarly, a chart shared by prominent trader Ash Crypto shows Bitcoin replicating its 2017 bull run. In 2017, BTC broke out of a series of descending channels before a vertical surge from $7,900 to its all-time high of $19,841.
Now, in 2025, the price is trading above a local low of $111,919 and beneath resistance at $116,000, mirroring the same setup seen before the final rally in 2017. Ash Crypto mentions that BTC is now in a parabolic phase and could be on the verge of another massive breakout, potentially targeting $150,000–$180,000 in the coming weeks.
Similarly, a new side-by-side chart shared by Trending Bitcoin also highlights similarities between Bitcoin’s 2020–2022 bull cycle and the ongoing rally.
In the earlier cycle, Bitcoin accumulated between $8,000 and $12,000 throughout 2020 before breaking out in 2021 and peaking at $69,000, exactly as former BitMEX CEO Arthur Hayes predicted.
The current cycle shows a similar structure, with a fresh breakout underway in 2025. Trending Bitcoin looks at the identical patterns, suggesting Hayes’s $250,000 forecasts are underway.
Notably, Peter Brandt had earlier predicted a $125K–$150K Bitcoin top by Q3 2025 if it regains its parabolic trendline, while Bernstein, Bitwise, and Robert Kiyosaki foresee a surge beyond $200K.