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Bitcoin Has Already Topped, Prominent Trader Says
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.