#BTC

The price of Bitcoin is becoming increasingly inaccessible to ordinary investors, raising doubts about whether the current bull market can continue beyond the traditional four-year cycle.
The crypto analysis firm 10x Research warns that the soaring price of the asset limits the participation of small traders – a factor that could threaten the continuation of the current rally.
According to 10x Research, the declining yield of Bitcoin – often interpreted as a sign of market maturation – also calls into question the validity of the widely discussed theory of Bitcoin cycles.
The company warns against relying too much on the models from the previous four cycles of cryptocurrency, as 16 years of trading history is too short a period to draw statistical conclusions.
Despite these concerns, according to 10x forecasts, Bitcoin could still reach a cycle peak of around $125,000 by the end of the year. This estimate is significantly more conservative compared to some popular models, such as stock-to-flow, which predicts a rise to $1 million, or the forecast by Standard Chartered analyst Jeff Kendrick for $200,000 by the end of 2025 and $500,000 by 2028.
Interestingly, institutional and so-called "smart money" continue to increase their exposure to Bitcoin. Data from Nansen shows that the Binance version of the token (BTCB) is among the leading positions in the portfolios of these experienced investors – along with more speculative assets. This suggests that while accessibility for retail traders decreases, interest from professional and institutional participants in Bitcoin remains strong.