Bitcoin Set for Potential $150K Surge Amid Short-Term Selling Pressure

One analyst forecasts that Bitcoin could reach a target price of $150,000 by the year’s end, although other indicators suggest a rise in short-term selling could impede this upward movement.

Bitcoin’s Upcoming “Batshit Season”

According to a recent analysis by RealVision, Bitcoin is entering what is referred to as “batshit season,” during which prices may soar as high as $150,000 by the end of the year. However, some analysts warn that significant selling pressures could counteract this potential rally.

In a post on August 26, Jamie Coutts from RealVision stated that unless there are fundamental shifts, Bitcoin’s price trajectory appears to be heading into this “batshit season,” also known as the Banana Zone, a term introduced by Raoul Paul, the founder of RealVision.

In the accompanying chart shared by Coutts, he highlights that during previous bull cycles, Bitcoin achieved new all-time highs within 365 days following peaks in the US dollar Index.

Coutts suggested that if Bitcoin mirrors its past bull market trends, it could rise more than 100% from its current price of approximately $64,000 to potentially hit $150,000 by the end of this year.

Short-Term Selling Activity on the Rise

Despite the optimistic long-term view, some analysts express caution regarding immediate price movements. A researcher known as ManagerXBT from CryptoQuant reported on August 27 that a significant amount of selling activity has emerged from large short-term holders.

In his analysis, he pointed out that around 33,155 Bitcoin had been transferred by short-term holders, indicating potential selling pressure that could affect Bitcoin’s price stability. He warned that this might lead to a correction in prices, saying, “The slowdown in price suggests that Bitcoin might initiate a free pullback.”

ManagerXBT advised that if selling activity were to rise further in the upcoming days, it could indicate a more pronounced sell-off.

On August 23, Bitcoin’s price increased by 6.2% but has since stabilized above the $63,000 support level. Despite this upward movement, many Bitcoin derivatives traders are still hesitant to adopt bullish positions, reflecting a cautious sentiment regarding the market’s direction.

The Bitcoin futures premium—an important gauge of trader risk appetite—has remained around 6% for the past month, suggesting that many professional traders are wary of engaging in leveraged long positions.