According to @cas_abbe, Bitcoin's (BTC) failure to break new all-time highs is not due to market suppression but rather significant selling pressure from long-term holders taking profits, as indicated by on-chain data from analyst Checkmate. Concurrently, Sygnum Bank's Head of Investment Research, Katalin Tischhauser, advises caution for traders regarding a potential double top pattern forming with peaks near $110,000 and a support neckline around $75,000. However, Tischhauser believes a 2022-style crash is unlikely, barring a black swan event, because the current market is supported by sticky, long-term institutional capital from spot ETFs and corporate treasuries. She also suggests that the historical four-year halving cycle's impact may be dead, as institutional demand now has a much greater influence on price than the diminishing selling pressure from miners.

According to Katalin Tischhauser, Head of Investment Research at Sygnum Bank, Bitcoin's double top pattern above $100,000 warrants trader caution as it could indicate a bearish trend reversal, potentially leading to a drop below $75,000 if the pattern confirms. However, a full-scale crash like 2022 is improbable without a black swan event such as the Terra or FTX collapses, as institutional inflows from spot Bitcoin ETFs have brought over $48 billion in net investments since January 2024, per Farside Investors data, creating sticky demand that supports prices. Tischhauser notes that this flow-driven market, with 141 public companies holding BTC, makes the halving cycle less impactful, reducing the likelihood of prolonged downturns.

According to Katalin Tischhauser, the double top pattern in Bitcoin (BTC) above $100,000 warrants trading caution as it signals potential bearishness, but a full price crash is unlikely without a black swan event like the Terra or FTX collapses. Tischhauser notes that institutional flows, including over $48 billion in net inflows to spot bitcoin ETFs, provide strong price support and resilience, potentially ending the halving cycle's influence due to reduced miner selling pressure.