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While Bitcoin (BTC) again steps outside a $100K boundary, crypto analyst Jacob King speculated that the cryptocurrency could face devastation and fall below $30,000 in 2025.
According to the crypto analyst, BTC is repeating its 8-year resistance pattern, a trendline that triggered massive crashes in the cryptocurrency’s price. “Expect a big crash, History’s repeating!”, he writes in the post. However, some X users countered his claim, calling it a “loser mentality”.
#Bitcoin is repeating its 8-year resistance pattern.
Every rejection at this trendline has led to massive crashes. Expect a big crash, History’s repeating!
My 2025 #BTC targets are below $30,000. pic.twitter.com/b8QijnJeLW
— Jacob King (@JacobKinge) January 7, 2025
Bitcoin Drops Below $98,000
According to the data from CoinMarketCap, BTC/USD slipped below $98,000. The decline comes after a macroeconomic response to the U.S. Job Openings and Labor Turnover Survey (JOLTS), which revealed a great increase in hiring. The report has sparked $300 million of crypto liquidations.
Some experts suggest that the cryptocurrency market may be entering the final phase of its current bull run. The bull cycle, which began in January 2023, could reach its peak between early and mid-2025. The analysis revealed that 36% of Bitcoin traded in Q4 2024 had been held for less than a month, a pattern commonly seen around previous market tops.
While further gains in BTC and altcoins are still possible, the post urged investors to remain cautious as the cycle progresses toward maturity.
However, Bitcoin’s recent decoupling from equities shows a weakening correlation, fueling optimism for a bullish 2025 and potential new all-time highs. The connection between BTC and traditional markets, especially the S&P 500, has significantly diminished.
Newly-elected president, Donald Trump has vowed to create a crypto-friendly environment to thrive crypto innovation in the U.S. and make it a crypto hub. He also shared his plan to create a Bitcoin reserve.
Also Read: MicroStrategy Boasts $14B Profit From Bitcoin Investments in 2024