A closely followed crypto analyst believes that it’s very unlikely that Bitcoin (BTC) has already printed a bull market top at $110,000.
In a new video update, crypto strategist Cheds tells his 49,800 YouTube subscribers that Bitcoin’s long-term uptrend remains strong as the price of BTC trades above multiple moving averages on the weekly chart.
-->According to the analyst, Bitcoin is just taking a breather after climbing from its 2025 low of around $74,000.
“I think it’s hard to call a top here… How can you call a top? Look at this weekly chart. It’s by definition a stage one uptrend in a sense that it’s price above a rising EMA (exponential moving average) 8, and with this incredible price distance to a rising MA (moving average) 200, and a pretty good slope to the rising 200 as well.
So there’s plenty of strength. There’s no way to call the top yet. We certainly know we’re consolidating.”
Source: Cheds/YouTubeIn 2021, Bitcoin cratered after failing to take out the $69,000 level twice. The loss in bullish momentum triggered a bear market that sent BTC down to $16,000.
For now, Cheds outlines levels to watch as Bitcoin consolidates.
“$88,500 for me is the last level that needs to hold should $96,000 get tested and fail. And it’s a zone, not a number… Any kind of top now is not based on available information.”
At time of writing, Bitcoin is trading for $101,957.
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