Crypto tips and earning strategies

Key takeaways:

A 2021-style bearish divergence on the weekly chart points to a potential 50%+ correction toward $64,000.

Peter Brandt warns Bitcoin must reclaim its parabolic trendline soon or risk ending its bull cycle before reaching the $150,000 target.

Bitcoin’s (BTC) surge to a record $112,000 sparked renewed hopes for a $150,000 target by year-end, but its swift correction below $105,000 is testing that bullish narrative.

Is Bitcoin painting a bearish reversal setup?

Bitcoin is painting what appears to be an inverse cup-and-handle pattern, with its neckline near $100,800 acting as current support. As of June 7, the price has entered the handle-formation stage, eyeing a breakdown below the neckline.

BTC/USD daily price chart. Source: TradingView

Based on the inverse cup-and-handle pattern setup, a breakdown below $100,800 will increase Bitcoin’s likelihood of dropping toward $91,000.

The $91,000 downside target aligns with BTC’s 200-day exponential moving average (200-day EMA; the blue wave).

Bitcoin’s relative strength index (RSI) has declined in tandem with its price, signaling strong trader conviction behind the ongoing sell-off.

As of June 7, the RSI reading was 52, reflecting a weakening upside momentum; a break below 50 could intensify downside pressure.

To regain control, bulls must reclaim Bitcoin’s 20-day EMA (the purple wave) resistance at around the $105,000 level. A drop toward $91,000 could effectively lower BTC’s potential of hitting $150,000 by 2025’s end.

2021 fractal suggests BTC won’t hit $150,000 in 2025

At a broader timescale, Bitcoin’s weekly chart is flashing a familiar warning.

A bearish divergence has formed between price and RSI, mirroring the 2021 cycle top, when RSI trended lower despite higher price highs. That divergence preceded a 61% correction toward its 200-week EMA (the blue wave) and below.

BTC/USD weekly price chart. Source: TradingView

A similar structure is now visible, with a divergence forming just below the $112,000 high and a projected pullback target near the 200-week EMA at around $64,000, marking a potential 52% decline.

This historical setup casts doubt on Bitcoin reaching the widely discussed $150,000 target by the end of 2025, especially if the divergence confirms a broader market top similar to past cycles.

Veteran trader Peter Brandt adds further weight to this outlook.

In his May 2025 analysis, Brandt identified a rising wedge pattern and warned that Bitcoin must reclaim its parabolic trendline to stay on track for a $125,000–$150,000 cycle top by August or September 2025.

BTC/USD weekly price chart. Source: TradingView/Peter Brandt

He notes that Failure to do so could mark the end of the current bullish cycle—potentially triggering a typical 50–60% drawdown following prior tops.

Gold’s trajectory, Bitcoin “bull flag” hint at a $150K

Despite growing technical warnings, some analysts remain confident in Bitcoin’s path toward $150,000.

Traders see similarities between Bitcoin’s current market structure and gold’s explosive breakout in the 2000s. They argue that BTC could mimic gold’s historic trajectory, reinforcing the $150,000 scenario.

Analyst Tony Severino cites a potential bull flag structure to predict a BTC price boom toward $150,000.

From an onchain perspective, Bitcoin researcher Axel Adler Jr. believes BTC is approaching a critical “start” rally zone based on historical cycle patterns.

Bitcoin Composite Index. Source: CryptoQuant

If the NUPL/MVRV ratio breaks and holds above 1.0, it would indicate the start of a new bullish impulse, the analyst notes, saying it could push Bitcoin’s price toward the $150,000–$175,000 range, similar to the rallies seen in 2017 and 2021.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

According to Odaily, Bitcoin recently reached a historic high of $112,000 before falling below $105,000, raising doubts about its ability to hit the $150,000 target by the end of the year. Technical analysis indicates a bearish divergence in the weekly RSI chart, similar to the cycle top in 2021, suggesting a potential correction of over 50% with a target price around $64,000. Veteran trader Peter Brandt has warned that Bitcoin must return to its parabolic trend line to avoid ending the current bull market cycle. However, some analysts remain optimistic, believing that if the on-chain indicators NUPL/MVRV ratio surpass 1.0, the price could reach the $150,000 to $175,000 range. Currently, Bitcoin is seeking direction near $105,000.

The Bitcoin community is calling on Tesla CEO Elon Musk to stack Bitcoin as a way to gain the upper hand in his ongoing public feud with US President Donald Trump.

“The best way for Elon to get back at Trump is by full porting Bitcoin,” crypto trader and analyst Will Clemente said in a June 6 X post. Echoing a similar sentiment, JAN3 founder and CEO Samson Mow said in an X post on the same day, “@elonmusk, it’s time to go all in on Bitcoin.”

Mow urges Tesla to start Bitcoin treasury strategy

Mow urged Musk to accept Bitcoin (BTC) payments for Tesla and adopt a Bitcoin treasury strategy. In 2021, Tesla stopped accepting Bitcoin as a means of payment due to environmental concerns. However, it still holds digital assets. On April 23, Cointelegraph reported that Tesla’s digital asset holdings dropped 11.61% in value from $1.076 billion to $951 million in Q1.

Mow also proposed that Musk’s SpaceX offer launch discounts to customers who pay in Bitcoin.

“Force a hard money standard on the money printers,” Mow said. It comes after Mow recently told Cointelegraph Magazine that it’s been three months since Trump signed the Strategic Bitcoin Reserve executive order, but he is yet to buy any additional Bitcoin. He said the US “has to start” acquiring Bitcoin this year to avoid being front-run by other nations.

In another comment to Musk, Mow added:

“At least do it before they freeze your fiat assets.”

Some Bitcoiners speculated that if Musk backed Bitcoin, he wouldn’t hold back. Lomob co-founder and CEO Boyd Cohen said, “If Musk were to go BTC maxi, all bets are off in so many ways. He doesn’t do anything small.”

“He’d build or buy his way to the biggest BTC treasury, he’d accept BTC in all his businesses, he’d be joining Bitcoin Presidents on the world stage promoting it as the only path to freedom,” Cohen said.

The feud started after Musk left office as an adviser to Trump and then called his tax bill a “disgusting abomination” on June 3. It escalated on June 5 after both traded public insults on social media. Musk said Trump’s plan for sweeping global tariffs “will cause a recession in the second half of this year.” 

Meanwhile, Trump said in a post on his Truth Social platform that terminating Musk’s government subsidies and contracts would save “billions and billions of dollars” for the US government. 

Musk has frequently mentioned cryptocurrency over the years. Most recently, on June 2, he said his social media platform X is rolling out a new messaging feature, XChats, which will have “Bitcoin-style encryption.”

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According to PANews, Nasdaq-listed Bitcoin mining company Hut 8 has issued a warning about fraudulent activities involving individuals impersonating company representatives in Brazil, South Korea, and Hong Kong. The company clarified that it currently does not operate or have authorized representatives in these regions. Hut 8 urged community members to remain vigilant and cautious to avoid falling victim to scams.

Cryptocurrency exchange Gemini has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), according to a June 6 press release.

Gemini filed a confidential draft registration statement on SEC Form S-1, which allows a company to file for IPO before publicly disclosing sensitive information. The filing comes amid renewed investor confidence as uncertainty due to trade wars has waned.

The number of shares to be offered and the price range per share have not been determined. No date was mentioned for when the IPO might occur.

Gemini was founded in 2014 by twins Cameron and Tyler Winklevoss. In November 2021, it announced a fundraise of $400 million at a valuation of $7.1 billion. The exchange reportedly had a headcount of around 1,000 employees in November 2022, although it would later lay off some employees during the crypto winter.

In January 2023, Gemini ran afoul of the SEC for the exchange’s “Earn” program, which the agency alleged involved the selling of unregistered securities.

The Winklevoss twins were significant backers of US President Donald Trump’s election campaign, donating $1 million each. The donations were later refunded for exceeding the upper limit for contributions from individuals.

IPO season heats up after Circle, CoreWeave performances

The race for initial public offerings has started to heat up after Circle’s successful IPO on June 5 and Coreweave’s skyrocketing share price following the company’s going public in March.

At close of the tradingon June 5, Circle’s share price had risen 167%. The oversubscribed round caught the attention of many, including BlackRock, which had been eyeing a 10% stake, and Cathie Wood’s ARK Investment, considering buying $150 million worth of shares of the stablecoin issuer.

Circle’s stock price momentum continued on June 6, with its share price rising an additional 32.2% at this writing.

Circle's share intraday performance on June 6. Source: Yahoo Finance

CoreWeave, which completed its initial public offering on March 28, has seen a share price increase of 158% in the past month, according to Google Finance.

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The House of Streams, a Netflix series licensed for the UK and Ireland, will feature online streamers in competitions to take home one Bitcoin. 

According to the show’s website, eight contestants with a combined four million followers will appear on the reality TV series, set to premiere on June 18. The series will reportedly have Twitch streamers compete in a series of challenges to win 1 Bitcoin (BTC), worth more than $104,000 at the time of publication.

It’s unclear why the Malta Film Commission, behind the production and filming of the show, chose to focus on a cryptocurrency prize for the contestants, but the creator of the series, Mark Holland, reportedly said “…the final reward couldn’t have been a simple cash prize or a trip to the Maldives.” The website issued a notice suggesting that some individuals had already used the show’s association with digital assets to issue a fraudulent memecoin.

“We support Bitcoin and no other memecoin,” the House of Streams said in a May 22 statement.

Netflix is no stranger to shows about crypto and blockchain, having been behind documentary series including Trust No One: The Hunt for the Crypto King on the downfall of crypto exchange QuadrigaCX. The streaming service announced in May that it had greenlit production for The Altruists, on the lives of former FTX CEO Sam Bankman-Fried and former Alameda Research CEO Caroline Ellison.

Prominent crypto holders becoming targets?

The eight contestants in House of Streams, going by handles including The Black Hokage, CyborgAngel, and OutplayedByJade, did not appear to have publicly commented on the series as of June 6. 

At least one streamer, not connected with the series, has reported being attacked for their crypto holdings. In March, Kaitlyn Siragusa, under the handle Amouranth, said a group of people had broken into her home and demanded crypto. She had posted a screenshot of her Coinbase account in 2024 showing she held roughly $20 million worth of BTC at the time.

Siragusa’s attack was just one of several incidents involving criminals targeting investors or individuals connected to exchanges in 2025. In France, a group of assailants allegedly attempted to kidnap and ransom the daughter and grandson of Paymium CEO Pierre Noizat.

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