Can BTC Price Reach A New All-Time High In This Cycle?

An analyst with the pseudonym ShayanBTC, in a Quicktake post on the CryptoQuant platform, shared fresh insights into the current Bitcoin market dynamics and the implications of the most recent price pullback. This evaluation is based on the Realized Cap of Unspent Transaction Output (UTXO) age bands, which analyzes the holding pattern of different investor cohorts.

The UTXO age bands metric tracks the average price at which Bitcoin holders purchased their coins compared to how long they’ve held the assets. In ShayanBTC’s latest analysis, the relevant age bands are the 3 – 6 months and 6 – 12 months cohorts.

According to data from CryptoQuant, the percentage of coins held by this class of investors has been on a steady rise. ShayanBTC noted that this climb appears similar to the accumulation patterns observed during the prolonged correction in the summer months of 2024.

The Quicktake analyst noted this pattern points to a “holding trend”, where the 3 – 6 months and 6 – 12 months investors are not offloading their assets despite the ongoing market correction. “As more coins move into the hands of long-term holders, the available circulating supply shrinks, increasing Bitcoin’s scarcity,” ShayanBTC added.

From a historical standpoint, these supply constraints could be a positive catalyst for robust price rallies, especially when combined with fresh demand. According to ShayanBTC, this market dynamic could set the stage for price discovery and propel the Bitcoin price to new all-time highs.

Furthermore, the Quicktake analyst believes that, with the current on-chain structure, there is a reduced likelihood that the Bitcoin market is currently at the start of a bear season. The ongoing drawdown instead seems to be a healthy correction within a broader bullish cycle.

Bitcoin Price At A Glance 

The Bitcoin price appears to be building some bullish momentum, briefly crossing the $86,000 in the early hours of Sunday, April 13. As of this writing, the price of BTC stands at around $85,200, reflecting an over 2% increase in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by about 2% in the past seven days.

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Ethereum saw a powerful recovery this week, rebounding sharply from a $1,380 low and surging over 21% within hours. The rally was fueled by a temporary shift in macro sentiment following US President Donald Trump’s announcement of a 90-day pause on reciprocal tariffs for all countries except China, which remains under a 125% tariff. The news sparked a relief rally across financial markets, with Ethereum leading the bounce in the crypto sector.

Despite the strong move, ETH remains below key technical levels, and price action is showing signs of consolidation as bulls attempt to build momentum. The broader altcoin market continues to struggle, with sector-wide weakness weighing on investor confidence.

According to data from Glassnode, all major altcoin sectors have experienced sharp declines in recent months. The correction has been broad-based and highly correlated, offering little in terms of idiosyncratic performance. Even Bitcoin and Ethereum—typically seen as the most resilient assets in crypto—have posted negative returns over the same period.

As Ethereum enters a consolidation phase, traders are watching closely to see whether this bounce marks the beginning of a sustained recovery or just another short-lived reaction in a broader downtrend.

Ethereum Faces a Crucial Test Amid Macroeconomic Headwinds

Ethereum is once again at a pivotal point in the market, following weeks of intense selling pressure and uncertainty. After plunging to fresh lows, ETH bulls are finally stepping in, attempting to reclaim key levels after a strong bounce from the $1,380 mark. The move comes amid heightened volatility across global markets—not just in crypto, but in equities as well—as fears of a global recession and extended trade disputes between the U.S. and China continue to rattle investor sentiment.

Despite the bounce, Ethereum remains in fragile territory. The market is clearly divided: some investors see this rebound as the beginning of a recovery, while others caution it could be just a temporary pause in a deeper correction. The macroeconomic environment remains hostile, with U.S. tariffs still posing a major risk to both traditional and digital assets.

Glassnode data adds context to Ethereum’s struggle, showing that all altcoin sectors have moved sharply lower in recent months. There has been little differentiation between projects, with the drawdown being broad-based and highly correlated. Even Bitcoin and Ethereum—typically viewed as the strongest assets in crypto—have posted negative returns.

Ethereum has led this decline, losing over 60% of its value since late December. The sharp drop has triggered growing speculation about a potential bear market forming across the broader altcoin space. Whether this recent bounce will evolve into a sustainable rally or falter under macroeconomic pressure remains to be seen. For now, Ethereum faces a defining moment in its current cycle.

Bulls Struggles to Reclaim Key Levels But Defend $1,500

Ethereum is trading at $1,560 after failing to hold above the $1,600 mark and reclaim the critical $1,800 level. Despite the recent bounce from lower lows, ETH remains in a fragile position as market volatility rises and macroeconomic uncertainty continues to pressure risk assets.

Bulls are starting to build momentum, but the recovery is far from confirmed. Holding above $1,500 is now essential to prevent a continuation of the downtrend. This level has acted as a psychological support zone in previous market cycles, and losing it could trigger another wave of panic selling—especially as sentiment in the broader altcoin market remains subdued.

If bulls can defend the $1,500 level and consolidate above it, there’s a chance to reclaim higher levels in the short term, potentially challenging $1,600 again. However, a decisive break below $1,500 would likely lead to further downside, with price targets potentially extending into the $1,300–$1,200 range.

As volatility continues to drive erratic price action, ETH holders remain cautious. A confirmed push above $1,600 would help restore some confidence, but for now, Ethereum remains in a critical battle to hold its ground.

Featured image from Dall-E, chart from TradingView 

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Seasoned trader Peter Brandt is warning that the payments altcoin XRP is at risk of going through a massive capitulation event.

The legendary trader tells his 781,500 followers on the social media platform X that XRP is forming a head-and-shoulders (H&S) pattern on the daily chart.

An H&S structure is a bearish pattern indicating that an asset has lost momentum to sustain its uptrend after failing to print new highs.

According to Brandt, the bearish structure will be invalidated if XRP climbs above a key resistance level. Otherwise, he says XRP is in danger of breaking support at $1.90 and witnessing a waterfall event.

“Don’t shoot the messenger.

Your favorite Beanie Baby/Pet Rock crypto displays a classic complex H&S top. This could become bullish if $3.0 is exceeded, otherwise the implications are a decline to $1.07. If you have an issue with this, take it up with Magee and Edwards.

XRP.”

At time of writing, XRP is worth $2.12, down over 3% on the day.

Looking at Bitcoin, Brandt warns that BTC has broken down from a bearish continuation pattern after losing $85,000 and is now likely headed below $70,000.

“Don’t shoot the messenger.

Just reporting on what the chart says until it says something different. Bear wedge completed with 2x target from the double top at 65,635.”

At time of writing, BTC is worth $82,791.

As for the S&P 500, Brandt says that the stock market index is now in an “established downtrend” after flipping the 5,864 support level into resistance.

“The 2x target of 5,170 is a very appropriate 18% correction from the high.”

As of Friday’s close, the S&P 500 is hovering at 5,580 points.

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