Bitcoin is currently hovering around $105,500, marking a slight increase of 1.1% over the past 24 hours following a turbulent week that saw prices fluctuate between $100,400 and $106,500. Despite the seemingly calm short-term price action, with the leading cryptocurrency stuck in a tight 24-hour band between $103,500 and $105,800, underlying indicators suggest major shifts may be imminent. With the asset now down by 6.2% from its May 22 record high, the crypto world is split: will there be a double peak or a launch?
Is it a case of Double Peak Déjà Vu? An anonymous analyst known as Cryptowizard posted a chart on June 7 comparing the current structure of Bitcoin with the notorious 2021 double peak. They wrote, “Bitcoin’s price action is starting to look familiar. Just like in 2021, we’re seeing a potential double peak formation. Are we setting up for a retrace or $150K next?”
This question has sparked passionate discussions across the crypto community. Investor Trade Pro rejects the pessimistic narrative, stating, “Make no mistake about these pullbacks. I believe they are buying opportunities… All signs point to a robust continuation to new all-time highs,” they asserted, pointing to positive on-chain metrics.
Supporting this bullish view, Bitget’s Gracy Chen suggests the broader scenario is favoring Bitcoin. The recent 1% rate reduction proposal by Trump and an anticipated $500 billion in U.S. Treasury borrowing by Q4 suggest a looming liquidity flood. She pointed out, “Globally, monetary easing is not a question of if, but when,” touting Bitcoin as the ultimate safeguard in a world growing increasingly skeptical of fiat stability.
Axel Adler Jr., a market observer, also highlighted that 30-day volatility is now “highly compressed,” a situation that could form the foundation for a significant market swing. Meanwhile, institutional buying continues to absorb supply. Swan CIO Ben Werkman argues that this cycle is driven by allocators, not traders, who are accumulating Bitcoin with no intention to sell. He noted, “62% of Bitcoin hasn’t moved in over a year,” suggesting that such levels of historical dormancy often precede a launch, as seen in 2016 and 2020.
However, not everyone is convinced that a price surge is imminent. Blockchain analytics firm Glassnode states that the Short-Term Holder Cost Basis currently stands just above $97,000, with significant thresholds at $83,200 and $114,800. The firm warns that a drop below $100,000 could trigger another wave of liquidations, particularly after Friday’s $988 million in long liquidations that followed the public feud between President Donald Trump and his former political ally, Elon Musk.
Even Daan Crypto Trade isn’t dismissing the possibility of a further drop. He suggested, “If we go below yesterday’s lows at ~$100K, I think we’ll continue trending down for another 1–2 weeks.” He pointed out Bitcoin’s weakening correlation with stocks and a sluggish recovery from recent lows.
