Bitcoin kicked off November with fresh weakness as it slipped toward $107,000, as the market remained on edge about deeper downside tests. Because the market still hasn’t shown any real strength, a growing number of traders now believe that $125,000 marked the official cycle top.

But crypto analyst Mr Wall Street is now directly opposing the popular narrative. He argues the exact opposite and explained that the current price behaviour proves that this level is nowhere near a proper cycle exhaustion ceiling.

120 Days Sideways

His core evidence is that Bitcoin has now spent 120 days moving sideways between the Value Area High at $120,000-$123,000 and the Value Area Low at $107,000-$110,000 with zero breakdowns below support and zero confirmed reversals at resistance. In his view, if $125,000 truly was the top, the price would not be holding strong at the bottom of the range for 4 months while retail panic-sells.

Instead, the analyst points out that even after retail sold roughly 365,000 BTC during this sideways range, around 3,150 BTC per day, the price still refused to crack below $107,000-$110,000, which he believes is the clearest sign that large institutional buyers are absorbing every coin dumped by small players.

Mr Wall Street says that if this were a true top, a breakdown would have already happened, especially given the amount of supply that has been flushed out. Because the lower boundary refuses to break, he believes this is not a distribution into a top, but an accumulation before the next leg higher. He also highlights that there is a visible imbalance to the upside, which points back to a move toward $120,000-$123,000.

He personally remains long from an average entry of $107,750 and said there is nothing in the structure that suggests closing those longs is necessary or logical.

Macro Bears Push Back

Not everyone is optimistic about Bitcoin’s trajectory. Another prominent analyst ‘Doctor Profit’ said that Bitcoin is not positioned for another immediate leg higher. According to him, the end of Quantitative Tightening has only been announced for December 1, 2025; it has not started yet, and until that date arrives, the Fed is still removing liquidity from the system. That is bearish for risk assets, including Bitcoin.

He also corrected claims that the Fed “printed” $50 billion last week, while observing that this was simply a temporary overnight repo loan and not new money creation. For Bitcoin, he says this detail matters because the crypto asset only truly rallies when real liquidity enters the system. Currently, the reverse is happening. As liquidity is being withdrawn, repo stress is emerging, and banks are paying more to borrow dollars. He believes that this is classic late-QT tightening, the same stage that preceded the 2019 repo crisis and the 2020 crash.

As a result, Doctor Profit says traders expecting Bitcoin to surge higher soon are making the wrong assumption.

The post $126K Isn’t the Top: Analyst Says Bitcoin’s Real Reversal Is Still Far Off appeared first on CryptoPotato.

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Filed under: Bitcoin - @ November 3, 2025 6:18 pm