Bitcoin Warning: Double Top Signals Deeper Drop

Spectra Markets president Brent Donnelly says the cryptocurrency is behaving like a risk asset rather than a safe haven, and he’s prepared to buy only if prices tumble into the $94,000–$82,000 range.

The bearish view is rooted in both technical and seasonal factors. A double top has formed on Bitcoin’s chart, and the coin recently failed to hold support near $112,000 – a setup that often precedes sharper selloffs.

Donnelly also argues that Bitcoin’s halving cycle, which historically signaled the end of bull markets about a year after the event, may now be pointing toward a prolonged downturn.

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Adding to the pressure are weak U.S. employment figures and speculation around Federal Reserve rate cuts. While looser policy might normally boost risk appetite, Donnelly suggests it could instead highlight economic weakness and sap demand for Bitcoin in the short term.

If the analysis proves correct, Bitcoin’s next major test may come well below current levels, with $82K looming as a possible landing zone.

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