Bitcoin Momentum Unshaken at $107K: Analysts Dismiss Double Top Concerns
Swissblock Technologies and leading market analysts suggest that Bitcoin’s latest surge to $107,000 is not the beginning of a reversal but a strong signal of price discovery ahead.
Bitcoin Strength Holds Despite Resistance at All-Time Highs
In a sharp rebuttal to bearish speculation, Swissblock Technologies insists that Bitcoin’s recent movement past $107,000 is not forming a dangerous “double top”, but rather remains a healthy sign of strength.
Using its proprietary Bitcoin Fundamental Index (BFI)—a composite of network metrics designed to assess the strength behind price trends—Swissblock reports that BTC’s core market structure remains firm.
“A lot of noise about a potential double top as $BTC struggles to break ATH,” the firm noted in a recent X post. “On-chain strength is intact… Bears: not this time, got to wait.”
Since August 2024, the BFI indicator has hovered around the midpoint (50/100), reflecting a consistent neutral-to-bullish trend. Even during price pullbacks in February and March, the index did not signal weakness, staying firmly in neutral territory.
Bitcoin Fundamental Index (BFI). Source: Swissblock Technologies/X
Within 10% of All-Time High: What History Tells Us
Bitcoin currently trades at $106,912, brushing up against previous record highs. But history suggests this positioning is often a prelude to new highs.
Timothy Peterson, a network economist, crunched the numbers in a recent X post dated May 9:
“Bitcoin has pulled to within 10% of its all-time high. This has happened nearly 300 times since 2015. Within 50 days, Bitcoin made a new all-time high 98% of the time.”
Even when factoring in more modest post-2020 movements, Peterson noted an average 8% increase, setting the stage for targets as high as $125,000 by mid-year.
Market Sentiment Remains Bullish
As price discovery looms, multiple market watchers remain confident that Bitcoin’s run is far from over. Cointelegraph’s latest reporting indicates that BTC could reach $116,000 this week alone, echoing a broader shift in momentum despite temporary friction at resistance levels.
While concerns linger among some traders that recent gains may be unsustainable, the technical and historical data offer a compelling counterpoint: Bitcoin is well within range to set new records soon.
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