Bitcoin (BTC) has stabilized around $117,500 after registering a substantial decline on Thursday and Friday. On-chain activity has declined after the flagship cryptocurrency briefly plunged below the $17,000 mark, falling to a low of $117,930 before recovering. BTC is marginally up over the past 24 hours, trading around $117,720. SpaceX Bitcoin (BTC) Holdings Cross $1 Billion SpaceX’s Bitcoin (BTC) holdings crossed $1 billion in value following the flagship cryptocurrency’s surge to new all-time highs. SpaceX holds 8,285 BTC , currently valued at $1.02 billion. The company’s last purchase was in 2022. This is the second time SpaceX’s holdings have crossed $1 billion in value. SpaceX previously held 28,000 BTC worth $1.8 billion before significantly reducing its position during 2022. The company has not purchased additional BTC since 2022 and has maintained its stash through recent market volatility. Meanwhile, Elon Musk’s other company, Tesla, holds 11,509 BTC worth $1.42 billion, after making a similar reduction in its holdings. BTC’s latest rally past $124,000 to a new all-time high was driven by anticipation of a rate cut by the Federal Reserve in September. Could Bitcoin (BTC) and the Crypto Market Crash In September An analyst has predicted that Bitcoin (BTC) and the broader crypto market could face a potential crash in September, before surging to another peak later in the year. Crypto analyst Benjamin Cowen highlighted a recurring pattern in Bitcoin’s price action, which could have a substantial impact on the market over the next few months. According to his analysis, Bitcoin has consistently followed a post-halving cycle that exhibits distinct price movements around July, August, and September. Cowen believes that a crash has followed each rally in July, August, and September. This leads to a reset in market conditions before the flagship currency enters into another bullish phase in the last quarter of the year. The analyst highlighted that this cycle has appeared across multiple years. Bitcoin’s price followed a similar pattern in 2013, 2017, and 2021, showing strength in the summer and weakening by September. After rallying to a peak at the end of the year, such cycles are typically followed by a bear market, which sees valuations drop sharply. Cowen believes the current cycle is unfolding similarly, with Bitcoin rising in July and August, leading to concerns about a substantial pullback in September. Bitcoin (BTC) Price Analysis Bitcoin (BTC) has steadied itself around the $117,500-$118,000 mark after registering substantial drops on Thursday and Friday. The flagship cryptocurrency surged to a new all-time high on Thursday before losing momentum and plunging over 4% to $118,389. Sellers retained control on Friday as the price fell nearly 1% and settled at $117,436. BTC registered a marginal increase on Saturday and has reclaimed $118,000 during the ongoing session. Some analysts believe BTC may have already reached its peak, based on a widely shared model. The model tracks previous peaks, occurring 30 months after previous market lows, and extends them to 37 months from a November 2022 bottom. This places a cycle top around December 22, 2025, with the curve giving a mid-cycle price target of around $200,000. Meanwhile, veteran trader Peter Brandt has weighed in on a downside scenario, giving the flagship cryptocurrency a 30% chance of having already topped during the ongoing cycle. “I think there is a 30% chance that BTC has topped for this bull market cycle. Next stop then back to $60k to $70k by Nov 2026, then next bull thrust to $500k.” However, he clarified that this was a probability rather than a firm prediction. BTC started the previous week in positive territory, rising 0.73% to cross $115,000 and settle at $115,051. However, it lost momentum on Tuesday, falling 0.82% to a low of $112,622 before settling at $114,112. Buyers returned to the market on Wednesday as BTC rose 0.80% to reclaim $115,000 and settle at $115,028. Bullish sentiment intensified on Thursday as the price rallied, rising over 2% to cross $117,000 and settle at $117,515. Despite the positive sentiment, BTC was back in the red on Friday, dropping 0.71% to $116,683. The price registered a marginal decline on Saturday before rebounding on Sunday, rising 2.42% to cross $119,000 and settle at $119,309. Source: TradingView BTC reached an intraday high of $122,319 on Monday, to start the week on a bullish note. However, it lost momentum after reaching this level and dropped to $118,701, ultimately falling 0.51%. The price recovered on Tuesday, rising 1.19% to reclaim $120 and settle at $120.113. Bullish sentiment intensified on Wednesday as BTC rose nearly 3% to cross $123,000 and settle at $123,365. The flagship cryptocurrency surged to a new all-time high on Thursday, reaching $124,533. However, it lost momentum and plunged below $120,000 to settle at $118,389, ultimately dropping over 4%. Sellers retained control on Friday as the price fell 0.80% to $117,436. BTC registered a marginal increase on Saturday and has extended its gains during the ongoing session, up nearly 1% at $118,152. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.