According to Coutts’ research, Bitcoin hit fresh all-time highs within 365 days after the US Dollar Index (DXY) peaked in the last two bull cycles. If Bitcoin continues this historical tendency, he said it might more than double its present price of around $64,000 to reach $150,000 by year-end.

This positive view is not shared, however, everywhere. ManagerXBT of Pseudonymous CryptoQuant highlighted possible short-term selling pressure likely to impede Bitcoin’s ascent. ManagerXBT said in an August 27 research note that big short-term sellers have just been active and transferred 33,155 Bitcoin. According to ManagerXBT, this may create impressions of immediate selling pressure and may pull down its Bitcoin’s price down.

He said this, while admitting that this might trigger a more vehement sell-off if these sales numbers increase. Though Bitcoin’s recent 6.2% rise on 23 of August has sustained the price above the $63,000 support level, similar conservativeness is seen in the behaviour of Bitcoin futures traders who remain optimistic yet.

A main gauge of risk tolerance in the derivatives market, the Bitcoin futures premium has remained unchanged for the last month at around 6%. This implies that professional traders continue to be cautious about establishing leveraged long positions, therefore expressing doubts on the viability of the current price movement.

Traders and experts both are intently observing for clues that can confirm or contradict the expected spike during this so-called “batshit season,” as Bitcoin wanders in this unknown land.

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