Bitcoin is poised to enter what one analyst describes as "batshit season," potentially propelling its price as high as $150,000 by the end of the year. However, concerns about short-term selling pressure could impact this anticipated rally.
In an August 26 post on X, RealVision analyst Jamie Coutts remarked, "unless something has fundamentally changed," Bitcoin’s price action remains on course to enter "batshit season," also referred to as the Banana Zone—a term coined by RealVision founder Raoul Pal.
Coutts shared a chart showing that in the last two bull cycles, Bitcoin reached new all-time highs within 365 days after local peaks in the US dollar Index. He suggested that if Bitcoin mirrors previous bull market patterns, it could more than double from its current price of around $64,000 to potentially reach $150,000 by year's end.
However, other analysts express caution regarding the short-term outlook. Pseudonymous CryptoQuant researcher ManagerXBT highlighted a rise in potential selling pressure for Bitcoin.
In an August 27 research note, ManagerXBT observed that large short-term Bitcoin sellers had "become active." He explained,
"Short-term holders transferred 33,155 Bitcoin as shown by the 1w-1m spent output age bands. This could present immediate selling pressure. The slowdown in price suggests that Bitcoin might initiate a free pullback."
He advised investors to exercise "extra caution" if selling figures increase in the coming days, warning of a possible intensification of a sell-off.
As of August 23, Bitcoin’s price had risen by 6.2% and has remained above the $63,000 support level. Despite this upward movement, many Bitcoin derivatives traders have not yet turned bullish, reflecting skepticism about the recent price gains.
The Bitcoin futures premium, a key measure of risk appetite in derivatives markets, has hovered around 6% for the past month, indicating that many professional traders remain wary of opening leveraged long positions.
