Caution on Bitcoin (BTC) Double Top, But a Full-Blown Price Crash Seems Unlikely, Sygnum’s Tischhauser Says

Bitcoins

Double top prospects According to the head of the digital and assets of the Banking Synum Synum Katalin Tischhauser looks cautiously over $ 100,000, but a fully blown -style 2022 -style crash looks unlikely if the unexpected black swan affects.

“The crypto market is strongly controlled by a sentiment, because the basic valuation is demanding; therefore, signals of technical analyzes such as the double caution. Coindesk in an interview.

Bitcoin spent 50 days trading back and forth between $ 110,000 and $ 100,000, signaling the exhaustion of uptrend near the maximum achieved in January this year. This caused several observers, including a veteran technical analyst Peter BrandtConsider the possibility of overturning the trend of BTC with a double peak.

The double top includes two consecutive peaks at approximately the same price – almost $ 110,000 in the case of BTC – with a trend line stretched by a low point between these peaks. The low point for BTC is at the beginning of April is $ 75,000. Analysts are afraid that the potential double upper breakdown, including a decline from $ 110,000 and a decline in below $ 75,000, could lead to an accident to approximately $ 27,000. Yes, you read it right. Such an accident would mean a 75% image from the peaks.

Technical formulas, such as double top, often become self-realization prophecies-as merchants see the formula, their collective action strengthens the expected result. It is therefore natural that the prospects of a double peak over $ 100,000 cause some caution and a decline in prices.

However, the techniques themselves rarely cause a price accident of 75%. For example, the BTC accident from $ 70,000 to $ 16,000 within 12 months to November 2022 happened when the Fed Current Cycle Cycle revealed asset, such as Krypto, where excessive speculation was built and prepared the ground for terra Blockchain and FTX Exchange. Both events caused massive destruction of wealth.

Bull led

However, the latest assembly is driven mainly by institutional flows rather than a story or pretending that defi is better than traditional finance or ethereum is a new world computer because Bloomberg’s Joe Weisenthal is Bloomberg’s Joe Weisenthal note last year.

Since their debut on Nasdaq in January 2024, 11 spot-bitcoin stock exchanges traded funds (ETF) registered a net influx of more than $ 48 billion, for data monitored Farside Investors. Meanwhile, accepting BTC as an asset of the company’s cash desk raised the pace and increased to bull dynamics. Since writing, 141 public companies have organized 841,693 BTC, According to Bitcointreasuries.net.

According to Tischhauser, the nature of the latest bulls is powered by flows more resistant than previous bull markets.

“Institutions are performing strict DUE diligence and risk assessment before adding a new assets such as Bitcoin to the model.

Tischhauser explained that these investment vehicles vacuum liquidity and distort the dynamics of supplying demand in favor of the ongoing uptrend.

“These investment vehicles suck the liquidity from the market, which means that every time a new investor with large tickets hit the offer, it is less and less offers and the bull’s impact on prices becomes more significant,” said Tischhauser.

The halve cycle can be dead

The bear -off scenario seems to be credible for many observers, because we are halfway through the historically marked peaks of the bull market and prepares the way for markets with year -round bears.

Poloming is a programmed code in Blockchain Bitcoin, which reduces the BTC delivery rate by 50% every four years. The last half occurred in April 2024 and reduced the BTC reward to 3.125 BTC from 6.25 BTC.

However, the cycle of half does not have to develop as expected, because the sticky institutional acceptance has a greater impact on the price than miners. In addition, BTC sells miners who regulatory coins earned to finance operating costs now represent a small percentage of average daily trading volume.

“Changing the market leadership means that the four -year -old cycle of half does not have to play religiously, as it was before. Previously, most BTC holders were miners and BTC released annually was a huge percentage of excellent bitcoins. The market.