Bitcoin Continues to Decline, Potential $120,000 Still Visible

Bitcoin has extended its downward trend this week, dropping to $96,500 in the last 24 hours. Although testing the demand zone between $94,300 and $95,800 and high liquidity around the $96,200 level, bullish reversal has not materialized in the short term.

Mikybull analyst believes that, although currently in a consolidation phase, Bitcoin can still reach an all-time high of $120,000 if it follows the historical seasonal patterns observed between 2014 and 2018.

Historically, February has been a strong month for Bitcoin. Based on cycle data, Bitcoin appears to experience even higher surges in 2025. Since 2013, the cryptocurrency has generated an average profit of 14.08% in February, with only two instances of negative performance in the past decade. Additionally, the average profit of Bitcoin in Q1 stands at 52.43%, lower than its historical average of 84% in Q4 since the beginning.
Market researcher Danny Marques also believes that Bitcoin's recent drop to $91,000 may mark a local low point.
"Bitcoin will reach $120,000 faster than you think—and soon. This is my view on the coming weeks and months for those who follow the charts," he said.