Mr. Wall Street, a widely followed Bitcoin trader, has argued that BTC may have reached its cycle peak at $126,000, outlining potential dip prices by the fourth quarter of 2026.
In a post on X, Mr. Wall Street noted that with BTC trading at $94,885, following a 10.6% drop over the past week, the next significant support range lies between $74,000 and $82,000.
The analyst emphasized that the longer-term structure suggests a corrective phase that could extend down to $54,000, following the completion of the bullish cycle.
Bitcoin Cycle: Consolidation, Breakout, and Next Targets
The weekly Bitcoin chart shared by Mr. Wall Street shows that Bitcoin climbed steadily throughout 2024 and into 2025, ultimately reaching its cycle peak in October.
During this cycle, Bitcoin first hit a peak of $73,750 in March 2024, then consolidated for six months before breaking out to $100,000 by the end of 2024. The momentum carried into early 2025, with Bitcoin reaching around $110,000 around President Trump’s inauguration.
After a brief consolidation, another breakout occurred in July, which later saw Bitcoin hit its peak at $126,000 in October. Since then, the market has turned bearish.
Following the cycle top, the chart shows a reversal pattern forming, with Bitcoin dropping below the $104,000 support region.
Bitcoin has now entered a descending structure of lower highs and lower lows, signaling a possible multi-year corrective phase.
With Bitcoin now 24.1% below the cycle top, Mr. Wall Street projects the next major support to be between $74,000 and $82,000, followed by a broader accumulation block between $54,000 and $60,000, which is identified as the final target for Q4 2026.
Is Bitcoin Rally Over?
Despite the bearish outlook, some analysts remain cautiously optimistic. CryptoQuant CEO Ki Young Ju says Bitcoin isn’t in a bear market as long as it stays above $94,635, the average cost basis of 6–12 month holders.
Analyst Rekt Capital noted that for Bitcoin to overcome the bearish signals, it needs to reclaim and close the week above the 50-week EMA, a level essential for preserving its long-term bullish structure. However, this has not held.
The analyst also acknowledged that BTC has been sliding for six weeks after its rejection above $126,000, with the recent dip triggering over $1.3 billion in liquidation.
Amid the market’s volatility, Michael Saylor urged investors to hold steady and not panic, suggesting better days are ahead.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
