Sorry, bears — analysts dismiss Bitcoin (BTC) $107,000 double-top price
Source: Cointelegraph Original: “Sorry, Bears - Analyst Rejects Bitcoin (BTC) $107,000 Double Top Price”
Key points:
Bitcoin (BTC) does not pose a “double top” bull market reversal risk after breaking through $107,000, the latest analysis indicates.
In a recent X update, the private wealth management company Swissblock Technologies described the price strength of BTC as “intact.”
From the perspective of a series of network indicators, Bitcoin shows “no signs of bearish divergence.”
Swissblock commented on the latest signals of its Bitcoin Fundamental Index (BFI), noting that despite being less than $5000 away from its historical high, BTC/USD is not planning to give up its efforts to enter the price discovery phase.
“There is a lot of noise about the potential double top regarding BTC’s difficulty in breaking through its all-time high (ATH),” it concluded.
BFI combines multiple existing indicators into a single oscillator to provide insights into trend strength at a given price point.
Since August 2024, BFI has strictly maintained a neutral range of 50/100, regardless of price fluctuations.
“Even during the pullback from February to March, it remained neutral and never fell into weakness,” the post noted.
Swissblock explains that if BTC/USD reverses and falls now, not reaching the historic high, BFI would have “collapsed” long ago.
“The on-chain strength is still intact,” it concluded.
“Bears: This time it won’t work, we have to wait a bit longer.”
This view is consistent with the opinions of most popular cryptocurrency market participants this month.
As Cointelegraph has been continuously reporting, price discovery is expected to re-enter soon, with a BTC price target set at $116,000 this week.
On this topic, internet economist Timothy Peterson uses statistical analysis to predict that it will reach at least $115,000 by the end of June.
“Bitcoin is now within 10% of its all-time high,” he wrote in a post on X on May 9.
“What will happen next? This situation has occurred nearly 300 times since 2015. In 50 days, Bitcoin has set a new all-time high 98% of the time.”
Peterson acknowledged that the increase after 2020 has been more moderate, with an average increase of 8% bringing the target for BTC/USD to as high as $125,000.
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