Trader Issues Warning to Bitcoin Top-Callers, Says BTC Still in Stage One Uptrend – Here’s What He Means

A closely followed crypto analyst believes that it’s very unlikely that Bitcoin (BTC) has already printed a bull market top at $110,000.

In a new video update, crypto strategist Cheds tells his 49,800 YouTube subscribers that Bitcoin’s long-term uptrend remains strong as the price of BTC trades above multiple moving averages on the weekly chart.

According to the analyst, Bitcoin is just taking a breather after climbing from its 2025 low of around $74,000.

“I think it’s hard to call a top here… How can you call a top? Look at this weekly chart. It’s by definition a stage one uptrend in a sense that it’s price above a rising EMA (exponential moving average) 8, and with this incredible price distance to a rising MA (moving average) 200, and a pretty good slope to the rising 200 as well. 

So there’s plenty of strength. There’s no way to call the top yet. We certainly know we’re consolidating.” 

In 2021, Bitcoin cratered after failing to take out the $69,000 level twice. The loss in bullish momentum triggered a bear market that sent BTC down to $16,000.

For now, Cheds outlines levels to watch as Bitcoin consolidates.

“$88,500 for me is the last level that needs to hold should $96,000 get tested and fail. And it’s a zone, not a number… Any kind of top now is not based on available information.” 

At time of writing, Bitcoin is trading for $101,957.

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