The mixed price actions seen across the crypto market in the past few days have raised curiosities as to whether the 2025 bull market has been concluded. 

While hopes of Bitcoin achieving a new all-time high appear to be fading, recent data from Glassnode suggests that it is still possible in 2025.

The data shows that Bitcoin is forming a critical cycle that is closely similar to previous bull cycles following its recent market movements.

Bitcoin May cross $124,457 this year

The analyst cited two bullish patterns formed by the world’s leading cryptocurrency by market capitalization in 2017 and 2021. During these periods, Bitcoin moved in similar directions, achieving separate all-time highs in two to three months earlier in the mimicked cycles.

Although it is not common that history repeats itself in crypto market trends, investors often weigh on the crucial time context they provide to help them observe the market closely. This allows investors to make predictions on potential price actions amid uncertainties as to whether the currently formed pattern will also mimic the major price breakouts projected by the former cycles. 

This could also help them make decisions on necessary cautions to take to avoid possible losses.

The analysis comes at a time when the market continues to trend downward amid rising profit-taking activities and a notable increase in speculative trading, a trend observed in the cited market conditions.

Nonetheless, if history repeats, Bitcoin might achieve a new all-time high in 2025 as data provided by CoinMarketCap shows that it is only 10.55% away from hitting a new all-time high above its previous $124,457 record achieved on August 13.

Furthermore, the data shows that the asset is trading negatively today, showing a price decrease of 2.07% over the last day. Following this slow price action, Bitcoin is trading at $112,035 as of press time.

While Bitcoin is showing an intraday high of $114,853 in the last 24 hours, it has also fallen as low as $110,604 on the same day. The rapid decline in its price in a matter of hours points to a massive profit-taking activity from holders. 

Notably, this is more evident in the massive surge of over 69% in Bitcoin’s trading volume, accompanied by a 2.1% decline in its market capitalization during the same period.

Usually, increases in an asset’s trading volume coupled with a reversed trend in its market value and capitalization are pointers to increased selling activities, which are often triggered by speculative trading (e.g., FOMO) or attempts to take profits. 

Nonetheless, large investors like Strategy have shown resilience with a continuous buying spree regardless of what the market is saying.