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Bitcoin experienced extreme volatility yesterday after reaching an all-time high of $104,088 on Wednesday. Next was the “Darth Maul” candle on the daily chart, as BTC dropped from $103,550 to as low as $90,500 before stabilizing. While some observers initially read the move as a strong rejection of the key psychological level of $100,000, leading analysts suggest that this may represent a bearish market trend rather than a cyclical high.
Could This Be a Bitcoin Cycle Top?
Traders and analysts at X present a mixed narrative: a sudden spike and a dip that may have been orchestrated by big players using high-level traders’ money. Veteran trader IncomeSharks (@IncomeSharks) said, “Bitcoin – Classic Darth Maul. Correct me if I’m wrong but I don’t think we’ve ever seen an asset top with that kind of candle. Usually that’s a late penalty for a long time, grab the shortstops, and send it a higher candle.”
Another crypto analyst known as Astronomer (@astronomer_zero) added, “It’s just whales using the ‘high purge button.’ Before he could continue whatever he had to do. I would like to see the evil of that thread erased, but it can be.”
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Tony “The Bull” Severino, CMT, emphasized the magnitude of this move, noting: “$11K ‘Darth Maul’ on Bitcoin’s daily chart. There were stops running on both sides. Amazing Intraday volatility in Bitcoin. Welcome to how to BTC to $100K. The movement of $10,000 a day is now a thing. “
He continued, “$100K Bitcoin is the new $10K,” sharing comparative charts from the 2020–2021 bull run and drawing parallels to the current price area.
Charles Edwards, founder of Capriole Investments, emphasized this historical context: “Bitcoin. Yes, this is normal.” Edwards posted a similar chart, recalling the volatility when BTC was $10,000 and $1,000 in early 2017.
Key indicators also continue to suggest further upside. According to Matthew Sigel, head of research at VanEck, top brands are rare at these levels. “With the exception of funding levels, which could remain high for a long time, there are very few of our ‘top signal’ indicators that the cycle is going up. The path of least resistance is still up, in my opinion. “
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Sigel talked about four key metrics: MVRV Z-Score (still below 5), Bitcoin Price SMA Multiplier (showing room for growth), lowered Google Trends, and Crypto Market Dominance at a mid-range level. These data points together suggest that the current cycle may not be nearing its peak.
Macro analyst Alex Krüger (@krugermacro) presented another view: “Asked if that was the top let me express my opinion. In my book the first leveraged out of a strong bull run, especially one driven by strong fundamentals, does not mark the top. “
He noted that while this move was widely anticipated in general terms—though not precisely timed—it does not change the underlying dynamics of Bitcoin’s rally. Krüger added that the sudden sales pivot to the older, “dino” altcoins may have signaled a peak for those assets, but not necessarily for Bitcoin: “Nothing has really changed. I would like to see the funding reset for alts. Alas, we will not get everything.”
At press time, BTC traded at $98,146.
The featured image was created with DALL.E, a chart from TradingView.com
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