Bitcoin May Surge to $150K in "Batshit Season" Despite Short-Term Selling Pressure

Bitcoin could reach $150,000 by year-end, entering a “batshit season,” but short-term selling may slow the rally. Analysts urge caution amid mixed market signals.

Bitcoin is poised for a significant rally, with one analyst predicting it could hit $150,000 by the end of the year in what is being dubbed “batshit season.” However, while the potential for massive gains is on the horizon, other indicators suggest that short-term selling pressure could temper the rally. The crypto market is closely watching these developments as traders weigh the potential for unprecedented growth against the risks of a pullback.

Bitcoin poised for $150K in 'batshit season,' but short-term sellers could impact the rally.

Key Points:

1. Potential for $150K Bitcoin by Year-End:

   • RealVision analyst Jamie Coutts predicts that Bitcoin could surge over 100%, reaching as high as $150,000 by the end of the year if it follows previous bull market patterns.

   • The term "batshit season," coined by RealVision founder Raoul Pal, refers to the phase where Bitcoin’s price action could skyrocket, similar to past bull cycles.

     
     

2. Historical Trends Supporting the Prediction:

   • Coutts noted that in previous cycles, Bitcoin reached new all-time highs within 365 days after local US dollar index peaks.

   • If Bitcoin follows these historical patterns, a significant rally could be imminent, boosting the price from around $64,000 to the projected $150,000.

     
     

3. Short-Term Selling Pressure:

   • Not all analysts are optimistic. CryptoQuant researcher ManagerXBT highlighted the recent activity of large short-term Bitcoin sellers, who have transferred 33,155 BTC, potentially creating immediate selling pressure.

   • This activity could lead to a short-term pullback, especially if the trend of increased selling continues.

     
     

4. Market Sentiment Remains Cautious:

   • Despite recent gains, many Bitcoin derivatives traders are cautious, with the Bitcoin futures premium stagnating around 6% over the last month.

   • This indicates that professional traders are hesitant to take on leveraged long positions, reflecting uncertainty in the market.

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Bitcoin’s potential to surge to $150,000 by year-end has captured the attention of the crypto world, with historical trends suggesting it’s possible. However, the market remains divided, with some analysts warning of short-term selling pressure that could disrupt the rally. As Bitcoin hovers above the $63,000 support level, traders are urged to stay cautious, balancing the excitement of a possible “batshit season” with the realities of market dynamics.

Source: Cointelegraph