- Ah, the grand spectacle of Bitcoin’s sell-off! It may just pause as the big players decide to borrow against their precious digital gold.
- Peter Brandt, the oracle of the crypto realm, warns that BTC’s double top pattern could lead to a catastrophic 75% plunge to $27K. Oh, the drama!
As the relentless profit-taking above $100K continues, one might wonder if Bitcoin [BTC] will ever find peace. According to the wise Bitwise CEO, Hunter Horsley, when Bitcoin ascends beyond the lofty heights of $150K, holders will clutch their coins tighter than a miser with his last penny, opting to borrow instead of selling. Who needs cash when you have Bitcoin, right? 💰
“I think once Bitcoin breaks through, eg, $130-150k, no one is going to sell their Bitcoin. And from there on, when people need liquidity, they are going to borrow from an ever-growing set of lenders.”
In a twist of fate, JPMorgan Chase, one of the titans of finance, has begun using crypto ETFs as collateral. It seems Horsley’s predictions are gaining traction, much like a runaway train! 🚂
If this trend continues, BTC could soar even higher, added Horsley, with a flourish of optimism.
“All of which will further propel price. There’s simply not going to be enough Bitcoin.”
Bitcoin — What’s next in the short term
In a surprising turn of events, Bitcoin reversed its recent losses and briefly flirted with $110K earlier this week. As of now, it’s trading at a tantalizing $109.5K. What a rollercoaster! 🎢
However, Glassnode has reported that selling pressure from long-term holders (LTH) has spiked to a staggering $930 million per day. But fear not, dear reader, this is but a whisper compared to the thunderous peaks of the past.
In its weekly report, the on-chain analytics firm highlighted,
“This figure rivals the $840M/day realized during the $73K ATH, yet remains well below the $1.64B/day peak seen during the initial breakout above $100K.”
Given these modest offloading from LTH, Glassnode suggests that current price levels may be far from triggering a ‘broader-scale distribution.’
On the ever-important prices to track, Glassnode has marked out $115.4K and $97.6K as near-term resistance and support levels, based on the short-term holder (STH) cost basis model.
“The $97.6k STH cost basis continues to serve as a pivotal support level necessary for maintaining local bullish momentum. On the upside, the $115.4k zone emerges as the first significant resistance should the market enter price discovery.”
For perspective, the STH realized price of $97.6K means that most recent buyers acquired BTC around this level. A dip below it could send this cohort into a panic, like a cat in a room full of rocking chairs. 🐱
That said, Peter Brandt has made a contrarian projection, suggesting that current price action mirrors a 2021 double top pattern that led to a 75% drop. In this hypothetical nightmare, BTC would plummet from $109K to $27K. Oh, the humanity!
But fear not, for such a massive dump may be far-fetched, as past bear markets have shown that BTC tends to ease around the 200-weekly moving average (currently at $48K). So, hold onto your hats, folks! 🎩
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2025-06-11 14:20