After rising rapidly over the weekend to hit new all-time highs, the Bitcoin price seems to have hit a brick wall above $120,000, sparking a correction. While this is expected to be a short correction, a notable development involving an 8-year trendline that has marked the top of previous cycles has emerged. If this trendline resistance holds and Bitcoin fails to break it, then it could mean that the top is in, and what usually follows is a drawn-out bear market.

8-Year Trendline Suggests Bitcoin Top Is In

Crypto analyst MartyBoots, in an analysis on TradingView, caught a test of a an 8-year trendline which began back in the 2017-2018 cycle, marking the top of multiple bull markets. This trendline continued into the next major bull market and in the 2020-2021 bull market, the trendline once again marked the cycle top, with Bitcoin peaking at $69,000.

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Presently, the Bitcoin price has once again come in contact with this trendline, and the rejection from here does suggest that this trendline could be the real deal. After hitting above $123,000, Bitcoin was promptly pushed back downward from this level as sell-offs and profit-taking became the order of the day.

For this trend to be complete, though, there are a number of things that would need to happen first. For example, the analyst explains that investors should watch for the weakly RSI divergence turning bullish. Additionally, a decline in volume and more rejection wicks for Bitcoin would be confirmation that the price has topped. Marty also explained that the price touching this trendline for a third time increases the odds of it actually playing out the same way it has in the past.

If this trendline does mark the top once again, then it could signal the start of another bear market. As the analyst explains, a top marked by this trendline has in the past “triggered multi-month correction and Bear Markets.”

Still A Chance For Bullish Continuation

The test of this trendline does not necessarily mean that the Bitcoin price has to top at this level, because there is still a chance of bullish continuation. As the analyst explains, a decisive break above the trendline would turn this level into support and trigger further upside.

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In addition to this, there is also a lot of buying pressure on the Bitcoin price despite the profit-taking. More importantly is the fact that very large orders await at the $114,000 level. This shows a lot of demand for BTC, something that could drive the price upward as the cost basis for investors remains on the rise.

Nevertheless, the analyst advises caution at this level until there is a confirmation either way. “Risk-management alert: consider tightening stops, reducing leverage, or hedging until trendline fate is resolved,” Marty said in closing.

Featured image from Dall.E, chart from TradingView.com

It only took one day for the Securities and Exchange Commission (SEC) to turn it back into the approval given to the Grayscale Digital Large Cap Fund (GDLC) into an exchange sales fund (ETF) and accidentally halted the release.

On July 1, 2025, the SEC shared a letter indicating its intention to reconsider the recent approvals granted to GDLC and reconsider its intention to convert the fund into an ETF.

The SEC approval of Grayscale ETFs was hailed as a groundbreaking development for a US multi-asset cryptographic ETF. For beginners, grayscale brings a regulatory structure to products that track Bitcoin, Ethereum, and other major tokens by converting multi-asset crypto funds.

The initial approval of regulatory bodies indicates that the authorities are confident in preparing the product for the market. Nevertheless, it has decided to call Rule 431 of the SEC Rules of Practice to consider previous decisions.

Issues like breaking news from yesterday

– Despite initial clearance from SEC, I recently paused with plans to convert Grayscale’s Digital Large Cap Fund to ETF

A temporary pause does not necessarily mean rejection. It triggers more reviews.

– Salazar.ETH (@0xSalazar) July 3, 2025

The GDLC fund holds $755 million in Bitcoin, Ethereum, Solana, XRP and Cardano. According to some analysts, staff at the SEC agency approved the approval, not the commissioner, so it’s a callback.

In a letter to the New York Stock Exchange (NYSE), the SEC said: “This letter is to inform you that you will be reviewing the mandatory action in accordance with Rule 431 of the Committee’s Rule 17 CFR 201.431.”

Furthermore, “According to Rule 431(e) of July 1, 2025, the order will remain until the Commission orders.”

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Altcoin Exposure eliciates rare SEC reviews for grayscale ETF applications

The GDLC fund launched in 2018 includes a variety of cryptocurrencies, with over 91% of its holdings invested in Ethereum and Bitcoin. The rest consists of altcoins such as XRP, Solana, Cardano.

GDLC also includes cryptocurrencies established based on market size and adjusts changes quarterly. If approved, GDLC is a public ETF that allows investors to hold multiple crypto assets in one place.

Historically, such reversals are rare. They often manage ongoing internal discussions about investor protection, regulatory consistency and market stability. Altcoins pose varying degrees of risk, which could have been a trigger for SEC committee members to refuse staff-level approval.

The inclusion of assets like XRP and Solana is still controversial, but it may have sparked concerns about the legal treatment of underlying tokens and the clarity of disclosure as multi-asset products such as Grayscale.

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Bloomberg analysts believe the SEC is reevaluating the Grayscale ETF to develop clearer rules

Some analysts, such as Bloomberg’s Eric Barkunass, believe the SEC is reevaluating grayscale ETFs and developing clearer rules before allowing more complicated crypto funds. Baluchnas also speculates that regulators are waiting for a consistent standard for crypto investment products before giving a green signal to GDLC’s ETFs.

The plot becomes thicker. Highest Level of Seconds $ gdlc You cannot start it unless you are notified otherwise. I don’t know why, there is no information other than this letter. My guess: They want to issue Crypto ETP list criteria before the ’33 ACT Spot ETFs make it to the market with these other coins. It’s highly likely… https://t.co/za7ryk1o0e

– Eric Balchunas (@ericbalchunas) July 2, 2025

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Dogecoin is starting to stabilize above the $0.16 level again, as shown by its price action in the past 48 hours. As it stands, bulls of the meme coin are trying to reverse the downtrend that began earlier this month, which saw its price pull back to $0.146 early last week. 

However, although current sentiment may seem sluggish, a look at historical trends suggests that the recent pullback could be the calm before an explosive continuation. Interestingly, technical analysis shows that Dogecoin might be on track to valuations above $20 if it repeats one of its previous cycle trends. 

Potential 120X Dogecoin Rally Above $20+

An analysis shared on X by crypto analyst Javon Marks takes a look at Dogecoin’s cyclical nature and price playout in previous cycles to predict its future movement for the current cycle. By mapping Dogecoin’s 12-day candlestick chart, the analyst identified three distinct phases of accumulation followed by massive growth: the 2017 rally, the massive 2021 bull run, and what appears to be the early-to-mid stages of the current cycle. 

Each of the previous cycles began with months of sideways or slightly upward movement before finally going into parabolic gains. This pattern, which first took place in 2017, not only repeated in 2021 but ended up with larger returns and started from a higher base.

As shown in the chart below, Dogecoin surged by about 90X from its accumulation range in 2017. That was followed in 2021 by a bigger 306X rally that pushed DOGE into the mainstream and ended up with its current all-time high around $0.73. 

Now in 2025, despite some mid-cycle volatility, Dogecoin’s price chart is once again forming a familiar pattern of an ascending consolidation phase with higher lows. This upward-sloping foundation is significant because it shows that Dogecoin is setting the stage for another large macro movement.

If the trend continues, the analyst predicted that Dogecoin could go on a rally of over 120 times its current value. In this case, the analyst projected a price target above $20 for Dogecoin’s next significant peak.  

This Cycle Could Be The Most Explosive Yet

The 2017 bull run delivered a 90X surge, followed by a much larger 306X explosion in 2021. If the same exponential growth pattern holds true, the current cycle could dwarf the price gains seen in both previous rallies. 

Cycle-based projections have been the rave for Dogecoin and other large market cap cryptocurrencies. These predictions have resonated with technical analysts, especially with meme coin traders, because of how closely Bitcoin and Ethereum have adhered to four-year halving cycles. 

If DOGE’s performance truly follows its past, the rally to $20 will undoubtedly align with a wider altcoin euphoria that’s typically seen at the height of bull markets. Based on the current circulating supply of Dogecoin, a surge to $20 would see its market cap rising above $2 trillion. At the time of writing, DOGE is trading at $0.162, inching up by a small 0.8% in the past 24 hours.

Featured image from Pixabay, chart from Tradingview.com

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The amount of Bitcoin (BTC) held by public corporations reached 592,112 BTC in 2024, according to Bitcoin Treasuries data.

Bitwise head of research Ryan Rasmussen highlighted that the number is twice as much Bitcoin as institutions accumulated in the previous five years combined.

History of accumulation

On Jan. 1, 2024, the amount of Bitcoin held by publicly listed companies was 272,777 BTC.

Two significant accumulation leaps were registered in 2020 and 2021. During the first year of the COVID pandemic, institutions inched close to a 100,000 BTC stash. This increased significantly the following year, as the corporate-held amount surpassed 200,000 BTC.

However, the momentum was temporarily interrupted as publicly listed companies realized part of their Bitcoin stash, almost losing the 200,000 BTC threshold. The accumulation movement resumed in 2023 and sharply increased last year.

Notably, Rasmussen pointed out that the amount would be “significantly smaller” if Strategy’s stash were excluded. The company, led by Michael Saylor, has over 499,000 BTC in its treasury as of March after adding 257,095 BTC last year via 16 buys.

Rasmussen added that public companies held $52 billion worth of Bitcoin as of March 6, equivalent to 3% of the flagship crypto’s total supply. 

An overall leap

The amount of Bitcoin held by various institutional investors also saw significant growth in 2024. 

According to Bitcoin Treasuries, private companies, exchange-traded products (ETP) managers, governments, and publicly listed firms held 2,802,135 BTC as of Dec. 31, 2024, compared to 1,622,439 BTC at the start of last year.

This jump is mainly attributed to governments and ETP managers. Governments started last year with 90,379 BTC in their vaults, with the stash growing to 513,791 BTC by the end of the year.

Meanwhile, Bitcoin held by asset managers climbed to 1,289,031 BTC from 771,013 BTC over the same period, while private companies shed their holdings from 488,270 BTC on Jan. 1, 2024 to 407,201 BTC by the end of last year.

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