Bitcoin saw a massive surge after Donald Trump won last November.
The rise that began in the last few months of 2024 continued in 2025, with BTC reaching three-digit numbers.
At this point, BTC reached a new $123,000 ATH in July, but its bullish momentum has since dipped.
Markus Thielen, a 10x research analyst who assessed Bitcoin’s recent move, said Bitcoin has entered its weakest period after an impressive rise.
The 10x survey states in its latest report that the seasonality model is consistent with all previous predictions. Therefore, this model currently shows a bearish trend in BTC. August has been Bitcoin’s worst month in the last 12 years, with prices falling by eight out of 12 years. There was no difference in September. Bitcoin has dropped by 4.6% over the last 12 years.
Citing these data, analysts said, apart from seasonal weaknesses, ETF slowdowns and capital inflows also increase the risk of a decline.
At this point, the 10x survey said it would be more difficult for Bitcoin to achieve targets like $140,000 and $150,000, adding that price must overcome the crowded resistance level before it reaches $140,000.
The report notes that Bitcoin’s major resistance levels are located at around $112,000 and $115,000. According to analysts, Bitcoin may have a hard time breaking through these levels without strong momentum. If prices drop, there could be a support zone of around $106,000 and $94,000.
*This is not investment advice.
