Trader Issues Warning to Bitcoin Top-Callers, Says BTC Still in Stage One Uptrend – Here’s What He Means

A closely followed crypto analyst believes that it’s very unlikely that Bitcoin (BTC) has already printed a bull market top at $110,000.

In a new video update, crypto strategist Cheds tells his 49,800 YouTube subscribers that Bitcoin’s long-term uptrend remains strong as the price of BTC trades above multiple moving averages on the weekly chart.

According to the analyst, Bitcoin is just taking a breather after climbing from its 2025 low of around $74,000.

“I think it’s hard to call a top here… How can you call a top? Look at this weekly chart. It’s by definition a stage one uptrend in a sense that it’s price above a rising EMA (exponential moving average) 8, and with this incredible price distance to a rising MA (moving average) 200, and a pretty good slope to the rising 200 as well.

So there’s plenty of strength. There’s no way to call the top yet. We certainly know we’re consolidating.”

Source: Cheds/YouTube

In 2021, Bitcoin cratered after failing to take out the $69,000 level twice. The loss in bullish momentum triggered a bear market that sent BTC down to $16,000.

For now, Cheds outlines levels to watch as Bitcoin consolidates.

“$88,500 for me is the last level that needs to hold should $96,000 get tested and fail. And it’s a zone, not a number… Any kind of top now is not based on available information.”

At time of writing, Bitcoin is trading for $101,957.