Market analysts point to three key factors that could delay Bitcoin's ascent to $125,000: macroeconomic uncertainty, selling pressure from miners, and technical resistance levels. These hurdles suggest the path to a new all-time high may be gradual rather than immediate, requiring patience from investors.
Satoshi-era Bitcoin miners sold just 150 BTC in 2025, despite Bitcoin's all-time high prices. Large miners are increasing their reserves, while the oldest participants have slashed sales compared to 2024.
Bitcoin's hashrate saw its most dramatic fall of the last three years, down ~15% since June 15. The sharp drop has fueled speculation about possible geopolitical and environmental causes, as well as concerns about the financial health of miners.
