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For now, the market remains range-bound. As long as $99,000 holds on a closing basis and the Chikou-span (lagging line) stays above price, Dr Cat sees little reason to abandon an all-time-high thesis. “If by the time of the cross the price is still holding above Tenkan Sen … if ATH is not seen by then, it should be seen pretty much immediately,” he wrote.

Whether that confidence will survive the macro calendar is another question. What is clear is that both discretionary traders and systematic funds are marking 9 June as the moment the chart either validates the 2025 bull cycle—or postpones it once more.

At press time, $BTC traded at $103,721.