🚨 Bitcoin at Crossroads: Double Top Threatens Drop to $105K – What’s Next?

Bitcoin's chart flashes a warning sign as the king crypto teeters on the edge of a double top formation. If the pattern holds, traders could see a plunge toward $105,000—a gut check for bulls who've been riding high.

The technical breakdown:

That second failed test of resistance is giving deja vu to chartists. When markets reject the same price twice, it's not a coincidence—it's a message. Now the question becomes whether BTC's institutional adoption narrative can override bearish technicals.

Why this matters beyond crypto:

Another Bitcoin slump would send shockwaves through the ETF complex and put pressure on those 'digital gold' comparisons. Meanwhile, Wall Street analysts would inevitably dust off their 'told you so' reports—because nothing makes traditional finance happier than crypto volatility confirming their biases.

The coming days will show whether this is just healthy consolidation or the start of a deeper correction. Either way, buckle up—when Bitcoin moves, it doesn't do subtle.

• Bitcoin is showing weakness after peaking near $130,000, now testing a three-week low around $112,000.
• Analyst warns BTC may form a double top pattern, risking a 45% correction down to $70,000.
• Key support lies between $105,000 and $107,100, amid miners selling 3,000+ BTC in two weeks.

Bitcoin is displaying significant weakness after reaching highs near $130,000 last month. The leading cryptocurrency has steadily declined, recently hitting a three-week low below $112,000. Traders fear this may mark the beginning of a broader bearish reversal.

A chart shared by crypto analyst @sayinshallah is fueling those fears. In a recent post on X, he warned that Bitcoin may be forming a macro double top, just like the pattern that emerged before the brutal 2021 market crash. The similarities are striking.

He pointed out that bitcoin previously topped at $65,000, failed to break out, and then collapsed. Now, the price is showing a similar stall near $130,000. The market looks overheated, with influencers predicting $500,000 targets and politicians jumping on the pro-Bitcoin bandwagon.

Potential Drop to $70K Could Mirror 2021 Crash

“If history repeats,” @sayinshallah explained, “we may see a retracement to $70K.” That level served as strong resistance before and matches a key volume node. A drop of this scale WOULD represent a 45% correction, typical in Bitcoin’s history but still painful for traders.

Bitcoin’s dominance has also stalled at around 62%, unable to break 63%. This mirrors its July performance, when altcoins started gaining strength. Traders are watching closely, as this setup could signal a fresh “altseason,” much like the one seen back in 2021.

Price-wise, Bitcoin peaked around $123,000 in mid-July but failed to sustain that momentum. It hovered in a tight range between $117,000 and $120,000 for days. A fake breakout attempt on July 25 failed, followed by a strong rejection at $119,000.

Sideways Range Broken as Price Plunges

That rejection marked the turning point. BTC dropped sharply and hit a low NEAR $112,000 on August 1. This price level marked a new three-week low and confirmed the loss of bullish control. Since then, the market has stayed under pressure.

The crash wiped out almost $1 billion in over-leveraged positions. crypto analyst Ali Martinez said the next key support lies between $105,000 and $107,000. He highlighted $107,100 as an important accumulation point, likely to serve as a crucial defense line for bulls.