Bitcoin’s Rollercoaster: Why $124K Is Just the Ride’s First Loop-de-Loop! 🎢

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A Few Hilariously Important Observations:

  • In all the excitement about Bitcoin’s eye-watering peak of $124,500, it seems that every one of the 30 peak indicators is sitting there, sipping tea, completely neutral. Talk about a lack of drama! 🍵

  • New investors are dramatically throwing in the towel, while the seasoned veterans, presumably sipping something stronger, are unfazed by the tempestuous tides of cryptocurrency. 🍷

  • As long as Bitcoin stays above the ever-elusive 20-week EMA, it’s got time to rethink its life choices and aim for a dazzling $150,000. After all, who doesn’t like a good comeback? 🌟

So, Bitcoin’s (BTC) towering escape from its lofty peaks has naturally led to a flurry of speculation-are we seeing the summit of 2025? But according to our astute analyst friend Merlijn The Trader, the whole “$124K top” saga is just a whisper in the wind, or perhaps more accurately, just noise. And we all know how much that can irritate the ears! 🎶

30 Indicators and Counting: More Rises Ahead!

In a rather faith-restoring post on Tuesday, Merijn declared an astonishing fact: none of Bitcoin’s thirty peak indicators have set off any alarm bells! Not a single one. The indicators are as calm as a cat lounging in a sunbeam. ☀️

Historically, the top of the Bitcoin cycle has been accompanied by various “overheating” signals-like a kettle that’s been left on too long. For instance, the Puell Multiple is currently lounging at a cool 1.39, far from the “danger zone” of 2.2 where miners begin to party a bit too hard. Like a rock concert without earplugs! 🎸

Likewise, the MVRV Z-Score, that clever little number cruncher that compares Bitcoin’s price to actual capital inflows, is taking it easy in neutral territory, far from the frenzied heights of past tops. No need to call the fire department just yet! 🔥

For the Seasoned Bitcoin Holders, All Is Well

Onchain data seems to suggest a bullish scenario, showcasing a classic “culling the weak hands” phase-like a gardener removing the weeds from a lush flowerbed. 🌼

The fresh-faced Bitcoin buyers-those who just waltzed into the party with their BTC under their arms-are currently sitting on losses of around -3.50%. They seem to be keen on selling, while the more mature Short-Term Holders (those with a month to six months invested) boast a modest +4.50% gain. Who knew wisdom could be quantified? 📈

“This is a bullish structural development,” CrazzyBlockk wrote, “as the market clears the weaker hands, redistributing BTC to those with a firmer grip.” It’s like musical chairs, but with higher stakes and fewer places to sit. 🎶

“While this shakeout might be painful for recently enthusiastic buy-everything types, it’s just the kind of thing needed to strengthen the future support base for the next spectacular leap.”

Who Let the $70 Million BTC Longs Out?

On-chain analyst Amr Taha argues for a bright recovery ahead, citing a recent $70 million wipeout of leveraged longs after BTC dipped below $111,000. It’s like a game of financial Jenga, but no one wants to be the one to pull out the wrong block! 🎲

Open interest took a nosedive post-liquidation, and Binance’s cumulative net taker volume plummeted by about $1 billion-indicating aggressive sell-side dominance. Someone fetch a life preserver! ⛵

The next beacon of liquidity resides around the $117,000-$118,000 mark, which could very well act as a magnet if BTC decides to make a dramatic comeback. If it falters, well, there’s little support until we hit $105,000. Not quite a soft landing, is it? 😬

“Without the overly enthusiastic buyers cluttering the scene and open interest reset, the market is structurally healthier,” Taha remarks, “the lack of a short squeeze implies hidden potential for upside, especially once BTC manages to reclaim vital levels.” It’s like finding a hidden stash of biscuits! 🍪

Will Bitcoin Ever Reach $100,000?

On the weekly chart, Bitcoin’s pullback appears less like the grand finale and more like your classic bull market correction. Think of it as a soap opera with plenty of dramatic pauses but no final scene just yet! 🎭

Since early 2023, BTC lovers have experienced sharp drawdowns of 20-30%, only to bounce back gloriously, like a phoenix rising from its ashes-or maybe just a slightly singed bird stretching its wings. 🦅

The latest 12% drop feels rather mild, still hovering above the notable 20-week EMA (the swaying green wave) at around $108,000-a level that has acted as the faithful support throughout this wild and wonderful rally.

A rebound from this crucial level could see Bitcoin strutting back towards its all-time high above $125,500 while leaving the door ajar for a bigger rally targeting the enchanting $150,000 by the end of 2025. But, should the price fall below that 20-week EMA, we might just be looking at a bumpier road towards $95,300. That level has been known to play the role of comforting old friend during previous twists and turns of the market.

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2025-08-26 14:31