Prominent trader David Vallieres asserts that Bitcoin has topped out in its current price cycle and suggests a double-top formation. His analysis is based on the historical tendency of Bitcoin cycles to end with a double or triple top pattern. He points to Bitcoin’s recent peak at $105,364 before correction and reaching a new all-time high of $109,356. While he doesn’t definitively categorize it as a bear market, the price surge has sparked bullish sentiment. Bitcoin exchange-traded funds (ETFs) saw a significant inflow of $917 million on Wednesday, extending their positive momentum for four days totaling over $2.3 billion in inflows. Notably, Bitcoin supply on exchanges is declining due to public company purchases according to Fidelity Digital Assets, though this metric is considered flawed by experts. Vallieres offers caution regarding the upcoming launch of XRP futures from CME Group as he predicts it may not signal positive price movement for XRP. “Heads-up: if you remember the BTC futures launch, it was a sign that we were nearing the top of the bull cycle,” he warned.