OnChain Analyst Suggests Bitcoin is Entering Top Heavy Zone as New Phase Commences  Heres His Explanation
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OnChain Analyst Suggests Bitcoin is Entering Top Heavy Zone as New Phase Commences Heres His Explanation

Bitcoin (BTC) could see more market corrections as it approaches a “top-heavy” zone, according to a well-known on-chain analyst.

The pseudonymous crypto trader Checkmate, with 94,500 followers on X, explained that a top-heavy zone occurs when too many people purchase too many coins at a high price. He emphasized the importance of understanding how much investors are underwater, as being down by -1% is very different from being down by -20%.

Checkmate urged traders to monitor potential trigger points that could signal a shift in sentiment. While Bitcoin is not yet “top-heavy,” it is on the verge of entering that territory. He predicted a period of consolidation and correction after 18 months of continuous price increases, advising traders to manage their short-term expectations and remain humble.

At the time of writing, BTC is trading at $60,541, down nearly 5% in the past 24 hours.

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