Amid a largely boring trend in the cryptocurrency market, zooming out on the Bitcoin (BTC) chart indicates that the period of stagnation might change for the better, at least where the flagship decentralized finance (DeFi) asset is concerned.
Specifically, Bitcoin is currently at the beginning of its fourth ‘bull box,’ which might peak at $200,000 for the maiden cryptocurrency by the end of 2025 or early 2026, according to the observations shared by pseudonymous crypto analyst Trader Tardigrade on August 21.
Furthermore, as the crypto expert specified in the chart, Bitcoin’s historical movements take place in ‘bull boxes,’ each culminating with an all-time high (ATH), including $1,000 in 2013, $20,000 in 2017, and $60,000 in 2021. Preceding these peaks, the bottoms for these cycles were at $5 in 2012, $200 in 2016, and $3,000 in 2019, with the current box’s bottom at $15,000.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $26,104, which indicates a 0.4% gain in the last 24 hours, as it tries to erase the loss of 11.18% across the previous seven days and a 12.69% drop on its monthly chart, adding up to the 23.18% increase over the past year, according to the latest data on August 22.
That said, things do not look so good in the short term, as Bloomberg’s senior commodity strategist Mike McGlone noted that Bitcoin’s price chart resembles the 1930s stock market after the Wall Street crash, while its relative strength index (RSI) has plummeted to the COVID-19 crash levels from March 2020, suggesting an oversold condition.
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