Bitcoin (BTC) Does Not Risk a “Double Top” Bull Market Reversal

Bitcoin (BTC) does not risk a “double top” bull market reversal with its trip past $107,000, new analysis says.

Bitcoin (BTC) does not risk a “double top” bull market reversal with its trip past $107,000, new analysis says.

In one of its latest X updates, private wealth manager Swissblock Technologies described BTC price strength as “intact.”

This, despite claims that the cryptocurrency is now in uncharted territory with nothing to indicate further gains.

BTC price indicator ignores double top ‘noise’

Bitcoin shows “no signs of bearish divergence,” Swissblock added, focusing on a basket of network indicators.

Commenting on the latest signals from its Bitcoin Fundamental Index (BFI), it argued that despite being less than $5,000 from all-time highs, BTC/USD is not about to abandon its push into price discovery.

"A lot of noise about a potential double top as $BTC struggles to break ATH," one post from the firm stated.

BFI combines various extant indicators into a single oscillator to provide insight into trend strength at a given price point.

Since August 2024, BFI has stuck rigidly to its middle territory around the 50/100 mark, irrespective of price action.

"Even during the Feb–Mar pullback, it held neutral, never dipped into weakness," the post notes.

If BTC/USD were to reverse now and head lower, leaving all-time highs untouched, BFI would already be "breaking down," Swissblock explained.

"On-chain strength is intact."

Stats favor Bitcoin bulls

That perspective chimes with that of the majority of popular crypto market participants this month.

As Cointelegraph continues to report, price discovery is expected to reenter sooner rather than later, with one BTC price target for this week already at $116,000.

On that topic, network economist Timothy Peterson used statistical analysis to assume a trip to at least $115,000 by the end of June.

"Bitcoin has pulled to within 10% of its all-time high," his X post from May 9 assumed.

Peterson noted that post-2020 gains have been more modest than those before, with an average 8% move giving BTC/USD a target of up to $125,000.