According to trader David Vallieres, Bitcoin has already reached the top of the current cycle.
In a social media post, Vallieres noted that each previous Bitcoin cycle had ended either with a double-top or a triple-top formation.
Such a scenario might be on track to play out this time around. He pointed to the fact that Bitcoin had peaked at $105,364 on Dec. 17 before experiencing a correction and eventually reaching a new all-time high of $109,356.
That said, he does not necessarily believe that Bitcoin is already in a new bear market.
Earlier today, the price of the leading cryptocurrency spiked to $93,868 before declining to $91,809.
Vallieres has acknowledged that such a take is rather unpopular, given that sentiment is turning bullish again.
On Wednesday, Bitcoin exchange-traded funds (ETFs) recorded $917 million in total inflows, extending their streak of positive flows. Over the past four days alone, they brought in roughly $2.3 billion.
Moreover, according to Fidelity Digital Assets, a subsidiary of mutual fund behemoth Fidelity, Bitcoin supply on exchanges is also declining due to public company purchases. However, it should be noted that such a metric is considered to be “highly flawed.”
A warning about the XRP price
As reported by U.Today, CME Group recently announced the launch of XRP futures, which is expected to take place next month following regulatory approval. However, Vallieres has hinted that the launch of the product might not be necessarily positive for XRP, given that the debut of CME Group’s Bitcoin futures marked the top of the bull cycle that peaked in early 2018.
“Oh, well… if you remember the BTC futures launch, heads-up,” he wrote.