Bitcoin Price Prediction: BTC’s $123.1K Peak Signals Local Top – Warnings of Pullback

2025-07-20 15:40:26

Main Idea

Bitcoin's recent peak at $123,100 has triggered warnings of a potential local top, with on-chain metrics signaling overextension, while the market tests a symmetrical triangle pattern for a potential breakout or breakdown.

Key Points

1. Bitcoin retraced 6% to around $115,700 after hitting $123,100, with NVT signals indicating overextension.

2. The current bull market's largest pullback is 23.48%, below previous cycle corrections of 30-80%, suggesting a healthy underlying trend.

3. A symmetrical triangle pattern is forming, with support at $116,000-$117,000 and a potential breakout target of $125,000 (6% upside) or breakdown to $111,000 (6% downside).

4. Global liquidity cycle has entered the 'Distribution' phase, suggesting Bitcoin's gains may become more measured and volatile.

5. Fibonacci analysis projects Bitcoin's cycle peak timing, with resistance zones at $133,665–$151,539.

Description

Bitcoin’s recent peak at $123,100 has triggered warnings of a potential local top as on-chain metrics signal overextension. The cryptocurrency quickly retraced 6% to around $115,700 after hitting the all-time high, with advanced NVT signals crossing above historical red deviation bands that typically coincide with cycle peaks. The current bull market’s largest pullback remains only 23.48%, well below previous cycle corrections of 30-80%, indicating the underlying trend structure remains healthy ...

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