Gareth Soloway, the Chief Market Strategist, has highlighted an important trendline that has been in place for eight years, which has consistently indicated significant peaks and corrections in Bitcoin since 2017. This line marked the peak of Bitcoin in 2017, both highs in 2021, and rallies from late 2024 to early 2025; each time it resulted in declines exceeding 30%.
Historically, whenever Bitcoin managed to break above this trendline and maintain its position there for a while, it subsequently achieved new all-time highs. Currently, this critical line is positioned around $117,250.
The Significance of $117,250
Soloway asserts that for Bitcoin to confirm a breakout effectively above $117,250 it must not only surpass this level but also sustain at least two daily closes above it. Should this occur, he believes historical patterns indicate another record high could be on the horizon.
Conversely, if Bitcoin struggles at this price point and fails to hold above it successfully; the risk of a downturn increases significantly. Soloway cautioned that such a rejection might lead prices below $100K initially and potentially down towards the range of $89K–$90K based on long-term support levels.
Source: GarethSoloway
He emphasized that despite today’s market exhibiting greater institutional engagement compared to previous years (2017 or 2021), making drastic drops less probable; considerable corrections could still happen if Bitcoin does not reclaim this pivotal level.
An Eight-Year Guiding Line for Every BTC Cycle
This same trendline has influenced:
- The peak reached in 2017 followed by a bear market;
- The two major highs observed in 2021 leading into subsequent corrections;
- The rallies occurring late into 2024 and early into 2025 when Bitcoin experienced pullbacks exceeding over thirty percent after encountering resistance.
Source: GarethSoloway
A history shows when Bitcoin broke through and maintained its position above the line; new records were set. Conversely failing to do so led to more significant corrections following suit.
Paving The Way Forward For BTC
A review conducted by CoinEdition revealed three prominent forecasts regarding BTC which converge around similar pivot points.
Soleway noted an eight-year trendline situated near $117K but also mentioned that currently we are within what he terms as “the banana zone” where prices typically experience steady growth with smaller pullbacks involved. Support levels ranging from approximately $113K–$114K indicate bullish momentum remains intact.
Related: ‘Banana Zone’ Indicates Potential Early October-November ATH for Bitcoin
If successful past the crucial threshold of $117k Fibonacci targets suggest potential upward movement towards approximately $155k given sufficient clearance beyond said level alongside strong accumulation coupled with minimal selling pressure enhancing positive sentiment surrounding future price action.
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