BTCUSD rejected at the 111,700 swing high, with downward momentum continuing on the minor charts.
Bitcoin has been bearish over the last three days. The cryptocurrency briefly rose after finding intraday support. It then moved back toward the support level with strong downward momentum.
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Smaller time-frame charts currently favor sellers. Michael Saylor, co-founder of Strategy, which holds the largest Bitcoin treasury, projected that Bitcoin could reach $150,000 by the end of 2025.
Saylor spoke at the Money 20/20 conference in Las Vegas. He cited regulatory developments, including the SEC’s approach to tokenized securities and US Treasury support for stablecoins, as factors behind the forecast.
The projection comes amid lower crypto prices, partly due to market reactions to US tariffs on China. Analysts say that easing trade tensions and ongoing negotiations could affect trends.
BTCUSD, after a period of bearish movement, found support at 108,180. The price attempted to move higher but faced rejection at the previous swing high of 111,700. Since then, it has resumed its downward trajectory.
At the time of writing, BTCUSD is trading around 108,180. A bearish breakout below this level could attract sellers and push the price further downward.
Several crypto executives remain confident that Bitcoin could reach $250,000 by year-end, though Galaxy Digital CEO Mike Novogratz expressed skepticism. Novogratz told CNBC that with just a couple of months left in the year, such a surge would require “a heck of a lot of crazy stuff” to drive that kind of momentum.
At the same time, analysts like Fundstrat co-founder Tom Lee and BitMEX co-founder Arthur Hayes continue to double down on their $200,000-$250,000 targets.
On the Bankless podcast, Lee argued that the halving cycle, accelerating institutional adoption, and a more pro-Bitcoin U.S. government are compelling tailwinds.
Hayes, meanwhile, said in a recent interview that global liquidity is a key driver, and he believes a rally toward $250,000 could quiet ongoing controversy.
Meanwhile, S&P Global Ratings gave Strategy a “B-” credit rating, which is considered speculative. The rating notes the company’s large Bitcoin holdings, limited diversification, and low dollar liquidity.
Strategy, formerly a software firm, now focuses on holding Bitcoin through equity and debt funding. S&P said the company’s heavy crypto exposure makes it sensitive to market swings and regulatory changes. Its software business contributes minimally to cash flow.
