Bitcoin Analyst Cautions Against Declaring Top Amid 101% Gain

A prominent crypto analyst has cautioned against prematurely declaring a top for Bitcoin (BTC), asserting that the cryptocurrency remains in a robust long-term uptrend. In a recent video update, crypto strategist Cheds, who has a substantial following of 49,800 subscribers on YouTube, emphasized that Bitcoin's price, currently trading above multiple moving averages on the weekly chart, indicates a strong uptrend. According to Cheds, Bitcoin is merely pausing after its ascent from the 2025 low of approximately $74,000. He noted that the weekly chart shows Bitcoin in a stage one uptrend, characterized by the price being above a rising exponential moving average (EMA) 8 and a significant distance from a rising moving average (MA) 200, which also has a positive slope. This, he argues, suggests that there is still considerable strength in the market, making it premature to call a top.

Cheds' analysis is based on the observation that Bitcoin's price action is consolidating rather than topping out. He highlighted that in 2021, Bitcoin experienced a significant decline after failing to surpass the $69,000 level twice, which led to a bear market that saw BTC drop to $16,000. This historical context underscores the importance of not rushing to declare a top based on current price movements. Cheds outlined key levels to monitor as Bitcoin continues to consolidate. He identified $88,500 as a critical support level that must hold if $96,000 is tested and fails. He described this as a zone rather than a specific number, emphasizing that any declaration of a top at this juncture is not supported by available information.

At the time of writing, Bitcoin is trading at $101,957, reflecting the ongoing consolidation phase. Cheds' perspective provides a cautious yet optimistic outlook for Bitcoin's future price movements, suggesting that the cryptocurrency still has room to grow before reaching a potential top. His analysis serves as a reminder to investors to approach market predictions with caution and to consider the broader context of Bitcoin's historical price action.