币界网报道：Sygnum's Head of Investment Research Katalin Tischhauser warns that Bitcoin's $100,000+ double-top pattern signals caution but predicts no 2022-style crash without a major catalyst like Terra or FTX's collapse. While technical analysts note BTC's 50-day stagnation between $110,000-$100,000 could precede a bearish breakdown to $27,000 (-75%), Tischhauser emphasizes institutional flows—$48B in spot ETF inflows since January and 841,693 BTC held by 141 corporations—are creating a "sticky" bull cycle. She argues miner sell pressure (now just 0.05-0.1% of daily volume) has diminished, potentially ending Bitcoin's traditional four-year halving cycle as a price driver, with institutional demand instead sustaining long-term support.