The price of Bitcoin (BTC) is currently at US$ 101,651, down slightly by 3.1 percent in the last 24 hours and still 9.3 percent below its new all-time high above US$ 111,000 reached last May.
Although this movement is relatively stable, the market seems to be entering a phase of 'collective pause', where market participants are still wondering whether this bullish cycle is slowing down or simply catching its breath for the next spike.
One of the top analysts on social media platform X with the account name 'Crypto Dan', who is a contributor from CryptoQuant, stated that the current Bitcoin cycle has unique characteristics compared to the previous bull runs in 2017 and 2021.
In 2017, the correction was brief and followed by a long rally until the end of December. Meanwhile, the 2021 cycle was influenced by the pandemic and began with a deeper correction, but was still followed by a significant spike.
But the 2024-2025 cycle is actually more chaotic, with sharp rallies interspersed with declines, and this occurs over a shorter timeframe than usual. According to Dan, this pattern may not be entirely organic.
Julia also suspects the existence of 'structured pressure' by major players to extend the duration of the cycle and prevent premature euphoria. If this is true, this cycle may end not slowly, but with an extreme spike due to panic mass buying.