Many people see the double top pattern in Bitcoin and conclude that a decline is imminent, but this judgment might be overcomplicated. A careful comparison with historical data reveals that this situation is more reminiscent of the "false top" echo that occurred during the 1975 gold breakout.

Looking at the longer timeframe, the ascent of gold from $200 to $850, with its retracement slope, closely matches Bitcoin's rise from 16,000 to 100,000. This is no coincidence. At the resistance level of 126,000, its significance is comparable to gold's $250 threshold at the time—once broken, the bearish argument of the double top is thoroughly invalidated.

What’s truly interesting is the subsequent logical development. If the market is given another five months to digest, Bitcoin is very likely to break through 126,000. By then, the pattern for 2025 will shift from "possible collapse" to "oscillating compression." This is what the market is actually doing—building a new price mechanism.

Once this phase is complete, the third wave of rally will be right in front of us.