Bitcoin Price Strength Intact Despite Recent Movements Swissblock Says

Bitcoin (BTC) is not at risk of a "double top" bull market reversal despite its recent price movements, according to new analysis. Private wealth manager Swissblock Technologies described BTC price strength as "intact," dismissing concerns about a potential double top.

Swissblock Technologies, in one of its latest updates, argued that Bitcoin shows "no signs of bearish divergence" when viewed through a basket of network indicators. The Bitcoin Fundamental Index (BFI), which combines various indicators into a single oscillator, has remained neutral around the 50/100 mark since August 2024, regardless of price action. This neutrality suggests that the on-chain strength of Bitcoin is intact, and there is no immediate risk of a reversal.

According to Swissblock, if Bitcoin were to reverse and head lower without touching all-time highs, the BFI would already be showing signs of breakdown. However, the current indicators suggest that Bitcoin is still on track for price discovery, with a majority of market participants expecting this to happen soon. One BTC price target for this week is already set at $116,000, with network economist Timothy Peterson using statistical analysis to predict a trip to at least $115,000 by the end of June.

Historically, when Bitcoin returns to within 10% of its all-time highs, price discovery occurs almost every time. Peterson noted that since 2015, Bitcoin has made a new all-time high 98% of the time within 50 days of being within 10% of its previous high. Post-2020 gains have been more modest, with an average 8% move giving BTC/USD a target of up to $125,000. This analysis supports the view that Bitcoin is likely to continue its upward trajectory, dismissing concerns about a double top.