Caution Advised on Bitcoin Double Top as Major Crash Unlikely

Bitcoin's prospects for a double top above $100,000 raise caution among investors. Katalin Tischhauser from Sygnum warns that while a major crash similar to 2022 is unlikely without a significant catalyst, such as the Terra collapse or FTX blowup, technical patterns like the double top could lead to bearish trends.

Bitcoin has traded between $110,000 and $100,000 for 50 days, indicating potential exhaustion.
A double top pattern may form if BTC peaks near $110K and drops below $75,000, possibly leading to a crash to around $27,000.
Technical analysis often influences trader behavior, making caution advisable.
The recent rally is driven primarily by institutional flows rather than speculative narratives.
Since January 2024, 11 spot bitcoin ETFs have seen over $48 billion in net inflows.
141 public companies currently hold 841,693 BTC as corporate Treasury assets.
Institutional demand is expected to maintain price support, skewing supply-demand dynamics favorably.
The halving cycle's historical significance may be diminishing due to changing market leadership and decreased miner influence on BTC supply.

The halving in April 2024 reduced block rewards but its impact may not affect market dynamics as it did previously, given current trading volumes.